Re-statement of Certain Provisions on the Rules to Avoid Delays in the Issuance of Stock Certificates

July 14, 1987SEC-BED * MEMORANDUM CIRCULAR NO. 08-87SUBJECT:Re-statement of Certain Provisions on the Rules to Avoid Delays in the Issuance of Stock CertificatesThe following provisions of the RULES TO AVOID DELAYS IN THE ISSUANCE OF STOCK CERTIFICATE dated March 5, 1974 are hereby re-stated for the information and guidance of the different stock transfer offices/agents regarding the extent of the liability of the member-firms of the stock exchanges on their endorsement of stock power/stock certificates:"9. Brokers Shall Endorse Stock Powers. — To avoid or minimize the return of stock powers which are in the name of buyers but the corresponding certificates might have been issued in street name for lack of certain requirements, brokers shall endorse the stock powers as follows:"ENDORSEMENT OF OWNER GUARANTEED. IN CASE CERTIFICATE IS ISSUED IN OUR NAME, SIGNATURE SERVES AS OUR OWN ENDORSEMENT.Name of Brokerage FirmBy: (Duly Authorized Officer)"10. Endorsement Guaranty Means warranty of Genuineness of Instrument. — The term "endorsement of owner guaranteed" or simply "endorsement guaranteed" whether on the stock power or on the stock certificate shall mean...