CANCELLATION BY TRANSFER AGENT AND REGISTRAR Clause Samples
The 'Cancellation by Transfer Agent and Registrar' clause defines the authority and procedures by which the transfer agent and registrar can cancel securities or related transactions. Typically, this clause outlines the circumstances under which cancellations may occur, such as errors in issuance, fraud, or non-compliance with regulatory requirements. For example, if a share certificate is found to have been issued mistakenly, the transfer agent and registrar are empowered to void it and update the official records accordingly. The core function of this clause is to maintain the integrity and accuracy of the securities register, ensuring that only valid and authorized transactions are recognized.
CANCELLATION BY TRANSFER AGENT AND REGISTRAR. All Trust Securities Certificates surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Transfer Agent and Registrar, be delivered to the Transfer Agent and Registrar and, if not theretofore canceled, shall be promptly canceled by the Transfer Agent and Registrar. No Trust Securities Certificates shall be issued in lieu of or in exchange for any Trust Securities Certificates canceled as provided in this Section, except as expressly permitted by this Trust Agreement. All canceled Trust Securities Certificates held by the Transfer Agent and Registrar shall be disposed of in accordance with its customary procedures.