Question & AnswerQ&A (Act No. 3741)
The act amends Section 52 of Act No. 1459, known as the Corporation Law, specifically relating to the requirements for keeping the 'Stock and transfer book' by business corporations.
Business corporations must keep a 'Stock and transfer book' that records all stock, names of stockholders or members alphabetically, installments paid and unpaid on all stock subscriptions, dates of payments, statements of every transfer or sale of stock including dates and parties involved, and other entries as prescribed by the by-laws.
The stock and transfer book must be kept at the principal office of the corporation.
Any director, stockholder, or member of the corporation may inspect the stock and transfer book during reasonable hours.
Yes, the corporation may open a share register in any state or territory of the United States.
An agent is employed to keep the share register and to record transfers of shares made in that state or territory or elsewhere.
A transfer of shares is not valid between the parties unless it is noted upon the share register showing the names of the parties to the transaction, date of transfer, certificate number, and number of shares transferred.
It must contain a statement of every alienation, sale, or transfer of stock made, including the date of the transaction and the names of the parties involved.
Yes, it allows other entries as the corporation's by-laws may prescribe.
The amendment took effect upon its approval on November 22, 1930.