In the month of November, the first group of Annual Affidavits was mailed out to the Addresses of Record (billing addresses) of corporations that are authorized to issue any form of bearer shares and have an anniversary date in January 2019. Annual Affidavits will continue to be sent to all corporations that are authorized to issue and form of bearer shares in the subsequent months.
We would like to remind all recipients that after December 31, 2018, any corporation that is authorized to issue bearer shares in its Articles of Incorporation (regardless whether such bearer shares have been issued or not) is required to submit an Annual Affidavit to the Registrar not later than 30 days after the anniversary date of its incorporation.
Furthermore, if bearer shares have been issued, all issued bearer share certificates must be placed in the custody of an approved custodian (with The LISCR Trust Company being the only approved custodian at this time).
Should a corporation not comply with these regulations, the Registrar will file an Automatic Amendment to the Articles of Incorporation changing the authorized share capital of the corporation to registered shares only. Additionally, all issued bearer share certificates shall be disabled and the holders of such shares shall have no rights to vote nor receive dividends. The corporation shall further be subject to a non-compliance penalty in the amount of no less than $3,000.
Should you have any questions regarding the Affidavit and/or the placement of bearer share certificates in custody, please contact corporate@liscr.com