Michigan Administrative Code › Department - Licensing and Regulatory Affairs › Public Service Commission › Preservation of Records of Electric, Gas, And Water Utilities › Part 2 - SCHEDULE OF RECORDS AND PERIODS OF RETENTION › Section R. 460.2512 - Debt security records; retention periods

Current through Vol. 24-12, July 15, 2024
Rule 12. The following debt security records shall be
					 retained for the periods listed:
(a) Registered bond and debenture ledgers.
3 years after redemption.
(b) Bond and debenture subscription accounts,
								warrants, subscription notices, requests for allotment, and essential papers
								related thereto.
3 years after settlement.
(c) Stubs or similar records of bond and debenture
								certificates issued.
3 years after redemption.
(d) Papers pertaining to, or supporting transfers
								of, registered bonds and debentures as follows:
(i) Papers that are recorded officially in a court
								or in the office of some other public recording authority; and other papers
								presented by any bank or trust company requesting transfers in its capacity as
								a fiduciary.
Destroy at option or return to holders of the bonds
								or debentures.
(ii) Any other papers not described in subdivision
								(d) (i) of this rule.
3 years after transfer.
(e) Records of bond and debenture the interest
								coupons paid and unpaid.
Destroy at option in compliance with note under
								subdivision (h).
(f) Canceled bonds and debentures the and paid
								interest coupons pertaining thereto.
Destroy at option in compliance with note under
								subdivision (h).
(g) Trust indentures, loan agreements, or other
								contracts or agreements securing debt securities issued. (If such papers or
								documents are included among the records covered by rule 13, this instruction
								shall not apply).
6 years after redemption.
(h) Copies of reports, statements, letters, or
								memoranda filed with a trustee or trustees pursuant to provisions of a trust
								indenture or other security instrument or agreement securing debt securities
								issued.
6 years after redemption. Destroy at option if the
								trustee or trustees under such identure or security instrument are national
								banks, members of the federal reserve system, or subsidiaries of any such
								national bank or federal reserve system member bank and if the trustee or
								trustees have certified to the company that copies of all such documents will
								be available in the offices of the trustee or trustees for inspection at any
								time before redemption by holders of debt securities to which such documents
								relate and for inspection by any federal or state regulatory authority prior to
								redemption and for an additional period of 6 years after redemption.
Note: Canceled bonds and debentures and paid
								interest coupons pertaining thereto may be destroyed if a certificate of
								destruction that gives a full descriptive reference to the documents destroyed
								is made by the person or persons authorized to perform such destruction
and is retained by the company for the period herein
								prescribed. The certificate of destruction that evidences the destruction of
								paid interest coupons pertaining to bonds or debentures need not contain a
								listing of the bond or debenture serial numbers pertaining to such paid
								interest coupons. When documents represent debt secured by mortgage, the
								certificate of destruction shall also be authorized by a representative of the
								trustee or trustees acting in conjunction with the person or persons destroying
								the documents or shall have the trustee's or trustees' acceptance thereon. The
								certificate of destruction may be destroyed 6 years after the payment and
								discharge of the bonds or debendures or interest coupons described in such
								certificate.
(i) Paid or canceled debt securities evidencing
								temporary borrowings.
3 years after payment or cancellation if other
								records of issuance and payment or cancellation are maintained.
(j) Paid interest checks.
6 years.
The terms "bonds" and "debentures," as used in
								subdivisions (a) to (f) of this rule, include all debt securities, such as
								bonds, debentures, or notes other than debt securities which evidence temporary
								borrowings and which are expected to be repaid out of the proceeds of the sale
								of longer term securities. Typical of such temporary debt securities as
								described in subdivision (i) are notes issued to banks evidencing temporary
								working capital and construction and gas storage loans.