Document Type : Academicm and Research
Author
Department of Law, University of Isfahan
Abstract
In partnership securities’ Issuance manner Act of 1997 an agent bank is named that a guarantee by partnership securities’ publisher is entrusted to it, so that if necessary it can on its own initiative pay out of that guarantee principal, interim interest, and realized interest of partnership securities to their holders. Contrary to original idea, that bank is thus not guarantor but representative, i.e., representative in paying above amounts from "place of guarantee". This agency is also seen in name that legislature has assigned to it, namely "agent" bank. But this agent, whose agent is? Partnership securities’ publisher or holder? Given his designation by publisher, he first appears to be publisher's agent. But more precision shows opposite. Because he takes over mortgage (assurance) deposited by publisher whereas we know mortgaged must be taken by mortgagee and principally kept at his disposal. So he is partnership securities’ holders agent. Therefore, issue arises that considering partnership securities’ transferability, how can principals change but agents representation remain same? Here it seems that Legislature in this case likely under influence of other countries’ laws considers agency to be transferable in all cases of simple agency, brokerage, undisclosed commission, tenure to transportation, commercial surrogation, and in general in all forms of commercial agency. Not agency's binding nature but only its transferability is meant. In this connection, what attracts attention is agency's transferability (Not agency revocation) with principal's death, incapacitation, or change. But on a case-by-case basis, can also think about agent's death, incapacitation, and change.
Keywords
- Transferability
- Representation
- Commercial agency
- Brokerage
- Undisclosed commission
- Tenure to transportation
- Commercial surrogation
Main Subjects
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