10. No alteration or erasure of the name of any person entered by the Bank in a bond as the person to whom the principal is payable or the principal and interest are payable is effective to confer any right under the bond on any other person or to deprive the person whose name was entered by the Bank of any rights that he may have under the bond.
11. Where a person applies to be registered as owner of a bond and the bond is delivered to him without his name being entered in it by the Bank, the bond shall be deemed to be validly issued and unless he returns the bond to the Bank to have his name so entered, he shall be deemed to have accepted the bond in satisfaction of his rights as registered owner and the entry, if any, in the register shall be cancelled by the Bank.
Transfer of Bonds by Registered Owners
12. (1) Except as otherwise provided by the terms of the bond a registered bond may, in accordance with sections 13 to 18, be transferred on presentation of the bond and of an instrument of transfer in accordance with these Regulations.
(2) Where subsection (1) has been complied with, the Bank may give effect to the instrument of transfer in accordance with its terms.
(3) The execution of an instrument of transfer does not transfer or confer any right under the bond against the Government of Canada or the Bank until the Bank has given effect to the instrument by making the appropriate entry in the register.
Form and Execution of Instrument of Transfer
13. (1) An instrument of transfer shall be in Form I set out in the schedule.
(2) An instrument of transfer may be executed
(a) by being signed by the registered owner or his personal representative;
(b) where the registered owner is a corporation, by being signed by its duly authorized officers and by affixing the seal of the corporation, if any, where required;
(c) by being signed by a person authorized in that behalf by the registered owner under a power of attorney or partnership agreement;
(d) where an unincorporated association not being a partnership is registered as owner of a bond, by being signed by the duly authorized officers of the association; or
(e) by being signed by a person authorized by law to execute it on behalf of the registered owner.
(3) For the purposes of these Regulations, a person authorized by law to execute an instrument of transfer on behalf of a registered owner means any person appointed by a competent court or by statute to act on behalf of or in the place of the registered owner and includes a trustee in bankruptcy.
Guarantee of Signature
14. (1) The Bank is not required to give effect to an instrument of transfer unless the signature on the instrument of transfer is guaranteed by
(a) a bank incorporated under the Bank Act or the Quebec Savings Banks Act; or
(b) a financial institution approved by the Bank under this section.
(2) The Bank may approve a financial institution for the purposes of this section and section 15 and may impose terms and conditions in connection with its approval and limit the amount of the bonds to be transferred in any one transaction with respect to which the guarantee of the institution will be accepted by the Bank and may revoke or vary any approval so given.
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