Current through Register Vol. 54, No. 50, December 14, 2024
Section 185.57 - Beneficial ownership of stock by minors, incompetents and unascertained beneficiaries(a) The affidavits required under § 185.56 (relating to affidavit of beneficial owners other than a registered stockholder) to be filed by persons having a beneficial interest in stock shall not be required where the registered stock transferee is one of the following: (1) The executor or administrator of a decedent's estate or a trustee and the beneficiaries of the estate or trust are not ascertainable until some future time.(2) The guardian of an incompetent or minor.(3) An individual who holds stock under the Uniform Gifts to Minors Act.(b) The registered stock transferee in the instances covered by this section shall include in his affidavit required by this subchapter a complete statement of the names, addresses, and ages of the minors' or incompetents and his family or fiduciary relationship to each of them. In addition, the affidavit shall include in the case of an incompetent, the Court, term, and number in which the adjudication of incompetency was made. (c) Affidavits as required by § 185.56, however, shall be submitted whenever any minor beneficiary attains his majority, an unascertained beneficiary is ascertained, and an incompetent beneficiary is declared competent. This section cited in 58 Pa. Code § 185.58 (relating to change of status of affiants who are beneficial owners).