What can a corporation do if there is not a complete record of the shareholders?

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What can a corporation do if there is not a complete record of the shareholders?

The corp was formed 45 years ago. Through the years, records have been lost. It is a business that is in financial trouble and we need to get this shareholder issue resolved. Can we put a notice in the newspaper for all shareholders to come forward or forfeit their stock?

Asked on July 31, 2012 under Business Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you need to get answers as to the names of shareholders that have shares in this troubled entity by a forensic review so you can do a locate on them for notice purposes due to poorly kept records, then the best way to try and have those come forward is to place notices online as well as in assorted periodicals. I suggest that you consult further with a business attorney to explore your options as to this question.


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