§ 10-15-23 — Missing securities or records

North Dakota § 10-15-23

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-15: Cooperative Associations

Text

1. When a security issued by a cooperative is missing, the cooperative shall issue a
duplicate security if the owner so requests and furnishes an indemnity acceptable to
the cooperative.
2. When records showing ownership of securities or apportionment of equity interest in
the assets are missing and the information therein contained is necessary to a
proposed redemption of the interest, the cooperative may give notice and redeem as
follows:
a. The cooperative shall set aside an amount equal to the value of the interests to
be redeemed.
b. The cooperative shall give notice of such redemption to all owners of interests of
which the cooperative has knowledge.

c. If there are interests, the ownership of which is unknown to the cooperative, it
shall publish notice of the redemption at least once a month for four months both
in a publication circulated among members of cooperatives in the area, if any,
and in a newspaper of general circulation in the area.
d. Any unclaimed outstanding interest represented by the missing records may then
be terminated in accordance with section 10-15-34.1.