CORPORATIONS. 71

SEC. 37T. The person to whom a certificate was originally
issued is the person appearing by the certificate to be the
owner thereof, and of the shares represented thereby, until and
unless he indorses the certificate to another specified person,
and thereupon such other specified person is the person appear-
ing by the certificate to be the owner thereof until and unless
he also indorses the certificate to another specified person. Sub-
sequent special endorsement may be made with like effect.

SEC. 37u. (1) In this Act, unless the context or subject
matter otherwise requires—

"Certificate" means a certificate of stock in a corporation or-
ganized under the laws of this State, or of another State whose
laws are consistent with this Act.

"Delivery" means voluntary transfer of possession from one
person to another.

"Person" includes a corporation or partnership, or two or
more persons having a joint or common interest.

To "purchase" includes to take as mortgagee or pledgee.

"Purchaser" includes mortgagee and pledgee.

"Shares" means a share or shares of stock in a corporation
organized under the laws of this State, or of another State
whose laws are consistent with this Act.

"State" includes State, Territory, District and Insular Pos-
sessions of the United States.

"Transfer" means transfer of legal title.

"Title" means legal title and does not include a merely
equitable or beneficial ownership or interest.

"Value" is any consideration sufficient to support a simple
contract. An antecedent or pre-existing obligation, whether for
money or not, constitutes value where a certificate is taken
either in satisfaction thereof or as security therefor.

(2) A thing is done "in good faith" within the meaning of
this Act when it is in fact done honestly, whether it be done
negligently or not.

SEC. 37v. The provisions of this Act apply only to certifi-
cates issued after taking effect of this Act.

SEC. 37w. _f All Acts or parts of Acts inconsistent with this
Act are hereby repealed.

SEC. 37x. This Act may be cited as the Uniform Stock
Transfer Act.

SEC. 2. Be it further enacted, That this Act shall take
effect from and after the first day of July, 1910,

Approved April 11, 1910.