Liability and Non-Liability for Registration

(1)Except as otherwise provided in any law relating to the collection of taxes, the issuer is not liable to the owner or any other person suffering loss as a result of the registration of a transfer of a security if

(a)There were on or with the security the necessary indorsements (Section 8308); and

(b)The issuer had no duty to inquire into adverse claims or has discharged any such duty (Section 8403). COL120106 DIV. 8 INVESTMENT SECURITIES

(2)Where an issuer has registered a transfer of a security to a person not entitled to it the issuer on demand must deliver a like security to the true owner unless

(a)The registration was pursuant to subdivision (1); or

(b)The owner is precluded from asserting any claim for registering the transfer under subdivision

(1)of the following section; or

(c)Such delivery would result in overissue, in which case the issuer's liability is governed by Section 8104.