1301:10-3-08 Instruments representing ownership interest.

(A) Any undeliverable share or other intangible instrument representing an ownership interest in a business association, in which the issuer has recorded on its books the issuance of the share but has been unable to deliver the certificate to the shareholder, is considered unclaimed funds under division (E) of section 169.02 of the Revised Code if such undeliverable share is unclaimed for five years.

(B) Any share or other intangible instrument representing an ownership interest in a business association is considered underlying and unclaimed funds if the owner has not claimed a dividend, distribution, or other sum payable as a result of the underlying share has for five years and the owner has not within five years initiated one or more of the activities set forth under division (B)(1) of section 169.01 of the Revised Code. Such underlying share may or may not be in the possession of the owner, issuer, holder, transfer agent or broker.

(C) The entity which has possession, custody or control of the underlying and/or undeliverable share or other intangible instrument representing an ownership interest in a business association is considered the holder of the underlying and/or undeliverable share.

(D) At the time any underlying share is considered as unclaimed funds under this rule, any dividend, distribution, or other sum then held or owing to the owner as a result of the underlying share, and not previously considered unclaimed funds, will be deemed unclaimed funds as well as all equity shares of the business association registered to the owner, whether or not in the custody of the holder.

(E) The five-year dormancy period for any share or other intangible instrument representing an ownership interest which is non-dividend paying commences from the date a shareholder notification or communication mailing to the owner of the funds is returned to the holder as undeliverable by the United States postal service or other carrier, unless the owner has within five years initiated one or more of the activities set forth under division (B)(1) of section 169.01 of the Revised Code. The notification or communication mailing by the holder shall be no less than annually.

Effective: 04/30/2008
R.C. 119.032 review dates: 01/18/2008 and 04/30/2013
Promulgated Under: 119.03
Statutory Authority: RC 169.09
Rule Amplifies: RC 169.02
Prior Effective Dates: 12/20/1984, 7/29/2002