Practice question
An executor is legally authorized to make a particular share transfer and properly indorses and delivers the certificate. No independent restriction exists. Officials say death makes transfer impossible because Section 62 names only living owners signing personally. Which is correct?
- All shares become permanently frozen on every death
- The section includes other persons legally authorized to make the transfer
- The certificate automatically becomes treasury stock
- The executor’s authority is irrelevant by definition
- Only a private buyer can create legal authority
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Section 62.
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