§ 21.2. Securities held of record.
(a) Securities held of record shall be subject to all of the following:
(1) In any case where the records of security holders have not been maintained in accordance with accepted practice, any additional person who would be identified as an owner on such records if the records had been maintained in accordance with accepted practice shall be included as a holder of record.
(2) Securities identified as held of record by a corporation, a partnership, a trust, whether or not the trustees are named, or any other organizations shall be included as held by one person.
(3) Securities identified as held of record by one or more persons as trustees, executors, guardians, custodians or in other fiduciary capacities with respect to a single trust, estate or account shall be included as held of record by one person.
(4) Securities held by two or more persons as co-owners shall be included as held by one person.
(5) Each outstanding unregistered or bearer certificate shall be included as held of record by a separate person, except to the extent that the insurer can establish that if the securities were registered they would be held of record, under this chapter, by a lesser number of persons.
(6) Securities registered in substantially similar names, where the insurer has reason to believe because of the address or other indications that the names represent the same person, may be included as held of record by one person.
(b) Notwithstanding subsection (a), the following additional requirements shall apply to securities held of record:
(1) Securities held, to the knowledge of the insurer, subject to a voting trust, deposit agreement, or similar arrangement shall be included as held of record by the record holders of the voting trust certificates, certificates of deposit, receipts or similar evidences of interest in these securities. The insurer may rely in good faith on whatever information is received in response to its request from a nonaffiliated insurer of the certificates or evidences of interest.
(2) If the insurer knows or has reason to know that the form of holding securities of record is used primarily to circumvent the act the beneficial owners of the securities shall be deemed to be the record owners thereof.
Cross References This section cited in 31 Pa. Code § 21.1 (relating to definitions).
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