Section 10.15.115. Missing certificates or ownership records.

   (a) When a certificate for a security issued by a cooperative is missing, the cooperative shall issue a duplicate certificate upon the request of the owner and upon the furnishing of the indemnity required by the cooperative.
   (b) When records showing ownership of securities are missing or if records upon which the apportionment of securities is based are missing, and in either case if the information which is missing is necessary to a proposed redemption of the securities, the cooperative may give notice and redeem the securities as follows:
        (1) the cooperative shall set aside an amount equal to the value of the securities to be redeemed;
        (2) the cooperative shall give notice of the redemption to all owners of securities of whom the cooperative has knowledge;
        (3) if the ownership of any securities is unknown to the cooperative, it shall publish notice of the redemption at least once a month for four months in a newspaper of general circulation in the judicial district in which the registered office of the cooperative is located;
        (4) after publication, unclaimed outstanding securities represented by the missing records may be terminated in accordance with the provisions of this chapter dealing with unclaimed distributions, redemptions or proceeds.

Notes

History

(Sec. 16 ch 107 SLA 1959)