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North Dakota Century Code Title 10. Corporations § 10-15-23. Missing securities or records

Current as of January 01, 2024 | Updated by Findlaw Staff

1. When a security issued by a cooperative is missing, the cooperative shall issue a duplicate security if the owner so requests and furnishes an indemnity acceptable to the cooperative.

2. When records showing ownership of securities or apportionment of equity interest in the assets are missing and the information therein contained is necessary to a proposed redemption of the interest, the cooperative may give notice and redeem as follows:

a. The cooperative shall set aside an amount equal to the value of the interests to be redeemed.

b. The cooperative shall give notice of such redemption to all owners of interests of which the cooperative has knowledge.

c. If there are interests, the ownership of which is unknown to the cooperative, it shall publish notice of the redemption at least once a month for four months both in a publication circulated among members of cooperatives in the area, if any, and in a newspaper of general circulation in the area.

d. Any unclaimed outstanding interest represented by the missing records may then be terminated in accordance with section 10-15-34.1.

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Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-15-23. Missing securities or records - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-15-23/

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