Any authorized officer may execute or cause to be executed with a facsimile signature in lieu of his manual signature:

1. I. Any public security, provided that the security contains at least one manually subscribed signature required or permitted to be placed thereon, or the manually subscribed signature of an authorized signer of a bank, trust company or other banking or financial institution acting as trustee, authenticating agent, transfer agent or similar agent; and

2. II. Any instrument of payment.

   Upon compliance with this chapter by the authorized officer, his facsimile signature has the same legal effect as his manual signature.

Source. 1959, 217:1. 1983, 365:2, eff. June 19, 1983.