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. 460.2511 - Capital stock records; retention periods

Current through Vol. 24-12, July 15, 2024
Rule 11. The following capital stock records shall be
					 retained for the periods listed:
(a) Capital stock ledgers or other records showing
								the same information
6 years after the stockholder's account is closed.
								For the purpose of this subdivision, a stockholder's account may be treated as
								closed account at the time that such stock- holder ceases to be a holder of
								record of the particular class of stock of the company, and the 6-year
								retention period prescribed herein shall run from that date. If such person
								subsequently acquires shares of capital stock of the company and thus again
								becomes a stockholder of the company, the record of such acquisition shall be
								treated as a new stockholder account.
(b) Capital stock subscription accounts, warrants,
								requests for allotments, and other essential papers related thereto.
2 years after settlement.
(c) Stubs or similar records of capital stock
								certificate issuance where not used as capital stock ledger record.
6 years after cancellation of certificate. If this
								record serves the purpose of a capital stock ledger, subdivision (a) is
								applicable.
(d) Stock transfer registers or sheets or similar
								records.
6 years after last entry on page or sheet of the
								record.
(e) Papers pertaining to, or supporting transfers
								of, capital stock 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 stockholder.
(ii) Any other papers not described in subdivision
								(e) (i) of this rule.
3 years from the date of transfer.
(f) Canceled capital stock certificates where not
								used as capital stock ledger records.
6 years after cancellation. If this record serves
								the purpose of a capital stock ledger, subdivision (a) is applicable.
(g) Change of address notices of stockholders.
Destroy at option after changes are recorded.
(h) Bonds of indemnity and affidavits covering
								issuances of stock certificates to replace lost certificates.
6 years after expiration of bonds.
(i) Letters, notices, reports, statements, and other
								communications distributed to all stockholders of a particular class as
								follows:
(i) Formal communications addressed to all
								stockholders of a particular class, including annual reports to stockholders,
								notices of annual and special meetings of stockholders, and other notices,
								letters, reports, or statements relating to corporate or stockholder actions.
Life of the corporation.
(ii) Interim reports of operations, speeches of
								corporate officers and notices of change of corporate address or telephone
								numbers and similar information.
6 years after the date thereof.
(j) Dividend registers lists or similar records. (k)
								Paid dividend checks.
6 years. 6 years.
(l) Third party dividend orders.
6 years after rescission order.