Question

"A firm holds a joint cash account for a husband and wife. The wife calls the registered representative and says "Sell 500 shares of ABC out of the account immediately and send a check for the proceeds made out to my name". The representative should inform the wife that:"

Answer 1

The representative should inform the wife that: it would be an impossible task to do. This is because, the account which she held in the firm happened to be a joint account with the husband. In order to sell 500 shares, she would need to obtain approval from her husband in form of signature.

Step-by-step explanation: