Section 68 — Canada Business Corporations Act: Effect of unauthorized endorsement

The owner of a security may assert the ineffectiveness of an endorsement against the issuer or any purchaser, other than a purchaser for value without notice of an adverse claim who has in good faith received a new, reissued or re-registered security on registration of transfer, unless the owner has ratified an unauthorized endorsement of the security; or is otherwise precluded from impugning the effectiveness of an unauthorized endorsement. An issuer who registers the transfer of a security on an unauthorized endorsement is liable for improper registration.