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transfer agent international
Public
companies typically use transfer agents to keep track of the individuals
and entities that own their stocks and bonds. Most transfer agents are banks or
trust companies, but sometimes a company acts as its own transfer agent.
Transfer agents perform three main functions:
Issue and cancel certificates to reflect changes in
ownership. For example, when a company declares a stock dividend or stock
split, the transfer agent issues new shares. Transfer agents keep records of
who owns a company's
stocks and bonds and how those stocks and bonds are held—whether by the
owner in certificate form, by the company in book-entry form, or by the
investor's brokerage firm in street name. They also keep records of how many shares
or bonds each investor owns.
Act as an intermediary for the company. A transfer agent may
also serve as the company's paying agent to pay out interest, cash and stock
dividends, or other distributions to stock- and bondholders. In addition,
transfer agents act as proxy agent (sending out proxy materials), exchange
agent (exchanging a company's stock or bonds in a merger), tender agent
(tendering shares in a tender offer), and mailing agent (mailing the company's
quarterly, annual, and other reports).
Handle lost, destroyed, or stolen certificates. Transfer
agents help shareholders and bondholders when a stock or bond certificate has
been lost, destroyed, or stolen.
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