Utah Indemnity Bond to Replace Lost, Destroyed, or Stolen Stock Certificate
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How to fill out Indemnity Bond To Replace Lost, Destroyed, Or Stolen Stock Certificate?
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FAQ
A share certificate can be replaced if it is lost, stolen, or damaged. In order to replace the physical certificate, the shareholder will need to contact the company's stock transfer agent. 1 They may also be required to complete an affidavit of loss document.
The fee for this service is normally around 1% of the value of the shares represented by the missing share certificate, making it a cost-effective service.
Because there is the danger that an innocent purchaser will present the lost certificate to the company, the corporation or your transfer agent may ask you to purchase an indemnity bond. The amount of this bond varies, but will often be between 2 and 3% of the current market value of the lost shares.
If an investor does not have or loses their stock certificate, they are still the owner of their shares and entitled to all the rights that come with them. If an investor wants a stock certificate, or if it is lost, stolen, or damaged, they can receive a new one by contacting a company's transfer agent.
The resolution will contain details about the number of shares to be issued, the distinctive numbers of the shares, and any other relevant information about the issuance of the shares. The resolution will also include the name of the person authorized to sign the duplicate share certificate on behalf of the company.
The purpose of a lost share certificate indemnity is to protect the company from any loss arising from the use or misuse of the original certificate if it is recovered. We've created a template lost share certificate indemnity form that you can tailor for you own use.
Record the loss of the share certificate and the approval of issuing a replacement certificate at a directors' meeting. Issue a new share certificate and send it to the shareholder. If the replacement share certificate has a new number, the register of members should be updated to reflect this change.
The owner must buy an indemnity bond to protect the corporation and the transfer agent against the possibility that the lost certificate may be presented later by an innocent purchaser. The bond usually costs between two or three percent of the current market value of the missing certificates; and.