Mich. Admin. Code R. 460.2512
Current through Vol. 24-21, December 1, 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. |
Mich. Admin. Code R. 460.2512