Section 1203 - Procedure applicable in cases of transfer of corporate stock belonging to decedents' estates(a) Whenever the transfer inheritance tax imposed by law upon the transfer of stock of any corporation of this Commonwealth, or national banking association located in this Commonwealth, standing in the name of a decedent resident or nonresident, or in the joint names of the decedent and one or more persons, or in trust for such decedent, has been paid, it shall be the duty of the Department of Revenue, upon the request of any interested party, or of said corporation or association, or upon its own motion, to file, with the said corporation or banking association, a certificate of such payment, and the Department of Revenue is hereby further authorized and empowered, in its discretion, to consent to the transfer of such stock prior to the payment of the said taxes, whenever it deems such transfer may be so made without prejudice or peril to the rights of the Commonwealth;(b) No executor, administrator, or trustee, of any decedent, resident or nonresident, shall assign or transfer any stock of any corporation of this Commonwealth, or of any national banking association located in this Commonwealth, standing in the name of such decedent, or in the joint names of such decedent and one or more other persons, or in trust for a decedent, subject to the transfer inheritance tax imposed by law, until such tax has been paid, unless the Department of Revenue consents to such transfer prior to such payment as herein provided, or unless the decedent was a resident of a state, country or territory listed by the Department of Revenue as one whose residents are entitled to the exemption granted by the act of May 2, 1929 (Pamphlet Laws 1258), entitled "An act concerning taxes on the transfer of personal property of nonresidents; and to make uniform the laws of the State with reference thereto"; (c) No corporation of this Commonwealth, or national banking association located in this Commonwealth, shall transfer any stock of such corporation, or of such banking association, standing in the name of a decedent, whether resident or nonresident, or in the joint names of a decedent and one or more persons, or in trust for such decedent, subject to the transfer inheritance tax imposed by law, unless the Department of Revenue has filed with such corporation or national banking association a certificate that the transfer inheritance tax imposed by law on the transfer of such stock has been fully paid, or otherwise consents thereto in writing, or unless the decedent was a resident of a state, country or territory listed by the Department of Revenue as one whose residents are entitled to the exemption granted by the act of May 2, 1929 (Pamphlet Laws 1258), entitled "An act concerning taxes on the transfer of personal property of nonresidents; and to make uniform the laws of the State with reference thereto" and it shall be lawful for the Department of Revenue, either personally or by representative, to examine the shares of stock of such decedent, at the time of such transfer, and also the transfer books of said corporation or association showing such transfer. The provisions of this section shall not apply to the transfer of stock assigned by a decedent before his death as collateral security for a loan, provided that any lender so holding such stock shall, upon selling it, send a written report to the Department of Revenue, stating the amount for which the stock was sold and the amount which was applied in reduction or payment of the loan. Any corporation or national banking association may transfer such stock upon presentation to it of an affidavit of such lender, or someone acting on his or its behalf, that the stock was held as security at the time of decedent's death;(d) Any corporation or national banking association may transfer such stock upon presentation to it of an affidavit of the executor, administrator or heir of a decedent, or someone acting on his behalf, that the decedent died a resident of a particular state, country or territory which is listed by the Department of Revenue, as aforesaid, or that the person in whose name, jointly with that of the decedent, the stock stands, was the spouse of the decedent at the time of his death and that it was not transferred by the decedent to such person and the decedent within one year of the death of the decedent;(e) The Department of Revenue is authorized and directed to prepare, revise from time to time, and furnish on request, a list of the states, countries and territories whose residents are entitled to the exemption granted by the act of May 2, 1929 (Pamphlet Laws 1258), entitled "An act concerning taxes on the transfer of personal property of nonresidents; and to make uniform the laws of the state with reference thereto".1929, April 9, P.L. 343, art. XII, § 1203. Amended 1943, June 4, P.L. 877, § 1; 1951, Aug. 17, P.L. 1277, §§ 1, 2.