Ohio Admin. Code 1301:10-3-08 - Instruments representing ownership interest

(A) Any An undeliverable underlying share is a security, certificate or other ownership interest as described in division (E) of section 169.02 of the Revised Code, which may or may not be in the possession of the shareholder/owner, issuer, holder, transfer agent, broker or other personor 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 An underlying share, security or other intangible instrument representing an ownership interest in a business association, which is a registered security, is considered underlying and unclaimed funds if the owner has not within five years claimed a dividend, distribution, or other sum payable, or otherwise as a result of the underlying share 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 person, other than the owner, which has possession, custody or control of the underlying and/or undeliverable share, security or other intangible instrument representing an ownership interest in a business association is considered the holder required to reportof the underlying and/or undeliverable share unclaimed funds.

(D) At the time any underlying share or security 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 or security, and not previously considered reported as unclaimed funds, will be deemed presumed to be 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 underlying share, security or other intangible instrument representing an ownership interest which is non-dividend paying, or subject to automatic reinvestment as stated in division (R)(1) of section 169.02 of the Revised Code, commences from the date a the second 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 quarterly.

(F) Bearer bonds and original issue discount bonds are presumed to be unclaimed funds if not claimed five years after the owner's right to demand the property or five years after the obligation to pay or distribute the property arises, whichever comes first.

Notes

Ohio Admin. Code 1301:10-3-08

Five Year Review (FYR) Dates: 7/15/2020 and 07/14/2025
Promulgated Under: 119.03
Statutory Authority: 169.09
Rule Amplifies: 169.02
Prior Effective Dates: 12/20/1984, 07/29/2002, 04/30/2008, 09/01/2014

Effective: 9/1/2014
R.C. 119.032 review dates: 04/01/2014 and 09/01/2019
Promulgated Under: 119.03
Statutory Authority: RC 169.09
Rule Amplifies: RC 169.02
Prior Effective Dates: 12/20/1984, 7/29/2002, 4/30/08