Section 14341 - Consents-Stock Transfers(a) Unless it first secures the written consent of the State Controller, or of a person authorized in writing by the State Controller to issue the consent, no California corporation or foreign corporation whose principal place of business is in California can transfer on its books or issue a new certificate for any share of its capital stock which: (1) Belongs to or stands in the name of a resident or nonresident decedent; or(2) Belongs to or stands in the joint names of a resident or nonresident decedent and any other person; or(3) Is held in trust for a resident or nonresident decedent.(b) Pursuant to authority granted by Revenue and Taxation Code Section 14348 the Controller has issued blanket consents dispensing with the consent to transfer requirement under conditions set forth in the blanket consent thereby permitting the corporation or transfer agent to transfer shares without securing a release from the Controller in each case. Consent is unnecessary where the stock of a foreign corporation whose principal place of business is outside his State is forwarded to a California transfer agent for transfer.
If a consent to transfer stock from the name of any decedent to the executor of his will or the administrator of his estate has been obtained, a second consent is unnecessary for any subsequent transfer of the stock from the name of the executor or administrator to the name of any other person pursuant to an order of sale. A second consent to transfer is necessary for a subsequent transfer of the stock from the name of the executor or administrator to the name of any other person pursuant to a decree of distribution.
NOTE: As to issuance of consents, see Section 14345.1.
Cal. Code Regs. Tit. 18, § 14341
1. Amendment filed 7-2-81; effective thirtieth day thereafter (Register 81, No. 27). Note: Authority cited: Section 14740, Revenue and Taxation Code. Reference: Section 14341, Revenue and Taxation Code.
1. Amendment filed 7-2-81; effective thirtieth day thereafter (Register 81, No. 27).