AGENCY: Department of Commerce. Division of Securities
SERIES: 80727
TITLE: Registration by qualification for issuers
DATES: 1982-
ARRANGEMENT: Alphabetical by name
DESCRIPTION: These records document the registration of securities sold in the State of Utah that are not subject to federal registration. Information includes financial audits; shareholders list; division closing letter; release of escrow; closing report; bank's report of escrow; fund impoundment agreement; application by qualification; certificate of registration; interim financial reports; certificate of agent registration; agent application; waiver letter; letter of consent from transfer agent, attorney, certified public accountant and sales agent; consent to service of process; corporate resolution; articles of incorporation; bylaws and organizational minutes; corporate acknowledgment; sample stock certificate; sales agent appointment; subscription agreement; and correspondence. Personal Identifying Information (PII) that may be contained within Division registration by qualification issuers' files: issuer name, phone number, business address, email address, bank statements, bank's report of escrow, bylaws of organization. Purpose for which Registration by Qualification Issuers' Files is Collected: The Division collects registration by qualification issuers' files to comply with state statute.
RETENTION
Permanent. Retain for 10 year(s)
DISPOSITION
Transfer to Archives.
RETENTION AND DISPOSITION AUTHORIZATION
Retention and disposition for this series were specifically approved by the State Records Committee.
APPROVED: 01/2000
FORMAT MANAGEMENT
Paper: Retain in Office for 1 year after all actions are completed and then transfer to State Records Center. Retain in State Records Center for 9 years and then transfer to State Archives.
Computer data files: Retain in Office permanently.
APPRAISAL
Administrative Legal
Although the statute of limitations under UCA 61-1-21 is five years, the discovery rule, which states that the statute does not run until the violation is discovered, applies here. Therefore, the Division of Securities believes that a permanent retention is needed to cover the legal requirements for this record.
PRIMARY DESIGNATION
Public
SECONDARY DESIGNATION
Private. UCA 63G-2-302 (2008)