Stock With Par Value

State:
Multi-State
Control #:
US-CC-3-215A
Format:
Word; 
Rich Text
Instant download

Description

The document outlines a proposal to amend the par value of the Bank of Granite Corporation's common stock from five dollars to one dollar per share. This change is recommended by the Board of Directors to enhance the corporation's flexibility in issuing stock dividends and stock splits, which could be restricted under the current higher par value. Par value, which represents a nominal value of a stockholder's interest, has limited relevance today, primarily impacting compliance with state corporation law. The revision will not affect the total shareholder's equity but aims to provide a more sustainable capital structure while ensuring adherence to legal requirements. Users such as attorneys, partners, and paralegals can utilize this form to facilitate the necessary formalities required for stock value adjustments. It is essential for legal assistants and associates to understand the implications of capital accounts and surplus accounts as defined by state law. The form requires careful completion to reflect these financial adjustments and to support equitable treatment of shareholders during corporate decisions regarding capital stock. The Board encourages a favorable vote to ratify the proposed changes.
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FAQ

A Connecticut taxable estate must file Form CT-4422 UGE with DRS to request the release of a lien. A separate Form CT-4422 UGE must be filed for each property address requiring a release of lien. Form CT-4422 UGE will be considered incomplete if an affirmation box agreeing to payment is not checked.

Limitation period. The lien shall be effective for a period of fifteen years from the date of filing unless discharged as provided in section 12-195g. A notice of tax lien shall not be effective if filed more than two years from the date of assessment for the taxes claimed to be due.

To determine is there is a lien on your property you may either come down to the Town Clerk's Office during regular business hours or you may search our land indices on-line. When searching on-line select the volume number to see the grantor/grantee information.

Under Connecticut law, a mechanic's lien becomes valid when recorded on a town's land records within 90 days after the work is done or materials furnished, and remains valid for one year, unless the claimant takes legal action to foreclose the lien on the property.

Pursuant to subsection (a), "Whenever any mechanic's lien has been placed upon any real estate pursuant to sections 49-33, 49-34 and 49-35, the owner of that real estate, or any person interested in it may make an application to any judge of the Superior Court that the lien be dissolved upon the substitution of a ...

In Connecticut, all mechanics liens must be filed within 90 days of the date of last furnishing labor or materials. An action to enforce a Connecticut mechanics lien must be commenced within 1 year after recording lien.

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Stock With Par Value