[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR306.95]

[Page 154-155]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 306--GENERAL REGULATIONS GOVERNING U.S. SECURITIES--Table of Contents
 
                      Subpart K--Attorneys in Fact
 
Sec. 306.95  Attorneys in fact.


    (a) General. Assignments by an attorney in fact will be recognized 
if supported by an adequate power of attorney. Every power must be 
executed in the presence of an authorized certifying officer under the 
conditions set

[[Page 155]]

out in Sec. 306.45 for certification of assignments. Powers need not be 
submitted to support redemption-exchanges or exchanges pursuant to 
advance refunding or prefunding offers where the securities to be issued 
are to be registered in the same names and forms as appear in the 
inscriptions or assignments of the securities surrendered. In all other 
cases, the original power, or a photocopy showing the grantor's 
autograph signature, properly certified, must be submitted, together 
with the security assigned on the owner's behalf by the attorney in 
fact. An assignment by a substitute attorney in fact must be supported 
by an authorizing power of attorney and power of substitution. An 
assignment by an attorney in fact or a substitute attorney in fact for 
the apparent benefit of either will not be accepted unless expressly 
authorized. (Form PD 1001 or 1003, as appropriate, may be used to 
appoint an attorney in fact. An attorney in fact may use Form PD 1006 or 
1008 to appoint a substitute. However, any form sufficient in substance 
may be used.) If there are two or more joint attorneys in fact or 
substitutes, all must unite in an assignment, unless the power 
authorizes less than all to act. A power of attorney or of substitution 
not coupled with an interest will be recognized until the Bureau 
receives proof of revocation or proof of the grantor's death or 
incompetency.
    (b) For legal representatives and fiduciaries. Assignments by an 
attorney in fact or substitute attorney in fact for a legal 
representative or fiduciary, in addition to the power of attorney and of 
substitution, must be supported by evidence, if any, as required by 
Secs. 306.57(d), 306.66(b), 306.75, and 306.76. Powers must specifically 
designate the securities to be assigned.
    (c) For corporations or unincorporated associations. Assignments by 
an attorney in fact or a substitute attorney in fact in behalf of a 
corporation or unincorporated association, in addition to the power of 
attorney and power of substitution, must be supported by one of the 
following documents certified under seal of the organization, or, if it 
has no seal, sworn to by an officer who has access to the records:
    (1) A copy of the resolution of the governing body authorizing an 
officer to appoint an attorney in fact, with power of substitution, if 
pertinent, to assign, or to sell, or to otherwise dispose of, the 
securities, or
    (2) A copy of the charter, constitution, or bylaws, or a pertinent 
extract therefrom, showing the authority of an officer to appoint an 
attorney in fact, or
    (3) A copy of the resolution of the governing body directly 
appointing an attorney in fact.

If the resolution or other supporting document shows only the title of 
the authorized officer, without his name, a certificate of incumbency 
must also be furnished. (Form PD 1014 may be used.) The power may not be 
broader than the resolution or other authority.
    (d) For public corporations. A general power of attorney in behalf 
of a public corporation will be recognized only if it is authorized by 
statute.