§ 44-23-34 - Permit required for transfer of securities of resident decedent.
SECTION 44-23-34
§ 44-23-34 Permit required for transfer ofsecurities of resident decedent. – No banking association organized under the laws of the United States andlocated within this state, no corporation incorporated within this state, andno incorporated association or joint stock company or business trust havingcertificates representing shares of stock and carrying on business in thisstate, shall record a transfer of its stock made by any executor,administrator, or trustee of a resident decedent or issue a new certificate forany share of its stock at the instance of the executor, administrator, ortrustee, until a permit authorizing the transfer is issued by the taxadministrator and filed with the corporation, association, company or trust.Any corporation, association, company, or trust making a transfer before apermit authorizing the transfer is issued is liable for the amount of any taxwhich may be assessed on account of the bequest or gift of the stock, bond orother evidence of indebtedness, together with its interest, to be collected inan action brought in the name of the tax administrator.