WILLIAM DONALD SCHAEFER, Governor                            Ch. 644

16-103. REGISTRATION IN BENEFICIARY FORM; APPLICABLE LAW.

A SECURITY MAY BE REGISTERED IN BENEFICIARY FORM IF THE FORM IS
AUTHORIZED BY THIS OR A SIMILAR STATUTE OF THE STATE OF ORGANIZATION OF
THE ISSUER OR REGISTERING ENTITY, THE LOCATION OF THE REGISTERING
ENTITY'S PRINCIPAL OFFICE, THE OFFICE OF ITS TRANSFER AGENT OR ITS OFFICE
MAKING THE REGISTRATION, OR BY THIS OR A SIMILAR STATUTE OF THE LAW OF
THE STATE LISTED AS THE OWNER'S ADDRESS AT THE TIME OF REGISTRATION. A
REGISTRATION GOVERNED BY THE LAW OF A JURISDICTION IN WHICH THIS OR
SIMILAR LEGISLATION IS NOT IN FORCE OR WAS NOT IN FORCE WHEN A
REGISTRATION IN BENEFICIARY FORM WAS MADE IS NEVERTHELESS PRESUMED TO
BE VALID AND AUTHORIZED AS A MATTER OF CONTRACT LAW.

16-104. ORIGINATION OF REGISTRATION IN BENEFICIARY FORM.

A SECURITY, WHETHER EVIDENCED BY CERTIFICATE OR ACCOUNT, IS
REGISTERED IN BENEFICIARY FORM WHEN THE REGISTRATION INCLUDES A
DESIGNATION OF A BENEFICIARY TO TAKE THE OWNERSHIP AT THE DEATH OF THE
OWNER OR THE DEATHS OF ALL MULTIPLE OWNERS.

16-105. FORM OF REGISTRATION IN BENEFICIARY FORM.

REGISTRATION IN BENEFICIARY FORM MAY BE SHOWN BY THE WORDS
"TRANSFER-ON-DEATH" OR THE ABBREVIATION "TOD", OR BY THE WORDS "PAY
ON DEATH" OR THE ABBREVIATION "POD", AFTER THE NAME OF THE REGISTERED
OWNER AND BEFORE THE NAME OF A BENEFICIARY.

16-106. EFFECT OF REGISTRATION IN BENEFICIARY FORM.

THE DESIGNATION OF A TOD BENEFICIARY ON A REGISTRATION IN
BENEFICIARY FORM HAS NO EFFECT ON OWNERSHIP UNTIL THE OWNER'S DEATH. A
REGISTRATION OF A SECURITY IN BENEFICIARY FORM MAY BE CANCELED OR
CHANGED AT ANY TIME BY THE SOLE OWNER OR ALL THEN SURVIVING OWNERS
WITHOUT THE CONSENT OF THE BENEFICIARY.

16-107. OWNERSHIP ON DEATH OF OWNER.

ON DEATH OF A SOLE OWNER OR THE LAST TO DIE OF ALL MULTIPLE OWNERS,
OWNERSHIP OF SECURITIES REGISTERED IN BENEFICIARY FORM PASSES TO THE
BENEFICIARY OR BENEFICIARIES WHO SURVIVE ALL OWNERS. ON PROOF OF DEATH
OF ALL OWNERS AND COMPLIANCE WITH ANY APPLICABLE REQUIREMENTS OF THE
REGISTERING ENTITY, A SECURITY REGISTERED IN BENEFICIARY FORM MAY BE
REREGISTERED IN THE NAME OF THE BENEFICIARY OR BENEFICIARIES WHO
SURVIVED THE DEATH OF ALL OWNERS. UNTIL DIVISION OF THE SECURITY AFTER
THE DEATH OF ALL OWNERS, MULTIPLE BENEFICIARIES SURVIVING THE DEATH OF
ALL OWNERS HOLD THEIR INTERESTS AS TENANTS IN COMMON. IF NO BENEFICIARY
SURVIVES THE DEATH OF ALL OWNERS, THE SECURITY BELONGS TO THE ESTATE OF
THE DECEASED SOLE OWNER OR THE ESTATE OF THE LAST TO DIE OF ALL
MULTIPLE OWNERS.

- 2883 -