22 U.S.C. § 1631b — Cancellation and issuance of shares of stock or other beneficial interest in corporation
submitted 76 years ago by ch. 54 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 108 words · no verdicts yet
When stock or another beneficial interest is vested in the President’s designee, the issuer or trustee must cancel the old record and issue replacement certificates or instruments to the designee or as directed.
When stock or another beneficial interest is vested in a presidential designee, the corporation, association, company, or trustee that issued it must cancel it in its books and issue certificates or other instruments for it to the designee, or as the designee requires.
Whenever shares of stock or other beneficial interest in any corporation, association, or company or trust are vested in any officer or agency designated by the President under this subchapter, it shall be the duty of the corporation, association, or company or trustee or trustees issuing such shares or any certificates or other instruments representing the same or any other beneficial interest to cancel such shares of stock or other beneficial interest upon its, his, or their books and in lieu thereof to issue certificates or other instruments for such shares or other beneficial interest to the designee of the President, or otherwise as such designee shall require.
Source credit: (Mar. 10, 1950, ch. 54, title II, § 203, as added Aug. 9, 1955, ch. 645, § 3, 69 Stat. 563.)
- 1950Enacted · Act of Mar. 10, 1950, ch. 54 · 69 Stat. 563
A history note hasn’t been published yet. The record shows enactment by ch. 54 on 1950-03-10.
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