§ 3319. Power of attorney; delegation of power over subscription rights and fractional shares; authorized delegations.

356 words·~2 min read·/pa/title-20/chapter-33/3319

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(a)Power of attorney.-- A personal representative may convey real estate, transfer title to personal estate, or perform any other act of administration by an attorney or agent under a power of attorney. Nothing in this subsection authorizes the delegation of any discretionary power.

(b)Delegation of power over subscription rights and fractional shares.-- Where there is more than one personal representative, one or more may delegate to another the power to decide whether rights to subscribe to stock should be sold or should be exercised, and also the power to decide whether a fractional share of stock should be sold or should be rounded out to a whole share through the purchase of an additional fraction, and also the power to carry out any such decision. Any delegation may extend to all subscription rights and fractional shares from time to time received by the personal representatives on account of stock held by them, or may be limited to any extent specified in the delegation. No exercise of any delegated power shall be valid, unless:

(1)the stock on which the subscription rights or fractional shares are issued are listed or traded on the New York Stock Exchange or any other exchange approved by the Department of Banking; and

(2)the shares held by the personal representatives on which the subscription rights or fractional shares are issued constitute less than 5% of the total outstanding shares of the same class of the same corporation.

(c)Delegation authorized by governing instrument.-- Nothing in this section precludes a delegation authorized by the governing instrument.

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(Oct. 12, 1999, P.L.422, No.39, eff. 60 days)

1999 Amendment. Act 39 amended subsec. (a). See section 13(8) of Act 39 in the appendix to this title for special provisions relating to applicability.

References in Text. The Department of Banking, referred to in subsec. (b)(1), was renamed the Department of Banking and Securities by the act of July 2, 2012 (P.L.814, No.86).

Cross References. Section 3319 is referred to in sections 5144, 5521 of this title.

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