Mich. Admin. Code R. 460.2511
Current through Vol. 24-21, December 1, 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. |
Mich. Admin. Code R. 460.2511