Ala. Admin. Code r. 830-X-4-.16

Current through Register Vol. 42, No. 12, September 30, 2024

Section 830-X-4-.16 - Independent Transfer Agent And/Or Registrar

(1) Every issuer of a security required to be registered by Qualification or Coordination having in excess of 100 security holders of record after distribution of its securities shall be required to appoint and maintain an independent transfer agent and/or registrar for its securities.

(2) Each agency agreement shall provide that the following records will be maintained or preserved for a period of not less than six (6) years:

(a) Blotters of other records of original entry containing itemized daily record of all receipts and deliveries of the issuer's securities.

(b) Ledger reflecting the individual transfer records for the issuer's separate securities.

(c) A separate ledger record of restricted securities and restrictive legend thereon.

Author:

Ala. Admin. Code r. 830-X-4-.16

Filed September 30, 1982. Readopted: Filed November 9, 1983.

Statutory Authority:Code of Ala. 1975, § 8-6-23.