SECTION 735:80-5-2. Discontinuance of interest or dividends; general

(a)   If payment of interest or dividends on intangible unclaimed property is discontinued at any time during the period of the presumption of abandonment, the holder shall include or attach as a part of the report filed pursuant to the Uniform Unclaimed Property Act:

(1)   A copy of the policy decision adopted by the board of directors which authorizes such discontinuance of payment of interest or dividends; or

(2)   Such other information or documentation that substantiates the discontinuance of interest or dividends.

(b)   A contract shall not be considered as authorizing discontinuance of payment of interest or dividends if such payment would not have been discontinued, or would have otherwise accrued to the benefit of the owner, in the event the property had been claimed by the owner prior to being remitted to OST.

[Source: Transferred from 710:80-5-2 at 60 O.S., § 688, eff 7-1-99 (see Editor’s Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00]