What is a transfer agent?
A transfer agent is generally a bank or trust company hired by a corporation to keep a record of the name of each registered shareowner, his or her address, the number of shares owned, and sees that certificates presented for sale or transfer are properly canceled and new certificates are issued in the name of the new owner. In addition, a transfer agent administers all matters related to a company’s stock, including disbursements, mailings and resolving shareholder inquires such as change of address, replacement of lost stock certificates, dividend checks and duplicate tax forms.
A transfer agent and registrar for a publicly held company keep records of every outstanding stock certificate and the name of the person to whom it is registered. When stock changes hands, the transfer agent transfers the ownership of the stock from the seller’s name to the buyer’s name. The registrar reconciles all transfer records and makes sure that the number of shares debited is equal to the number of shares credited. The transfer agent does not maintain records of shares bought and sold through brokerage accounts. Those records are maintained by the specific brokerages through which the shares are bought and sold.
A transfer agent and registrar for a publicly held company keeps records of every outstanding stock certificate and the name of the person to whom it is registered. When stock changes hands, the, the transfer agent transfers the ownership of the stock from the seller’s name to the buyers’s name. The registrar reconciles all transfer records and makes sure that the number of shares debited is equal to the number of shares credited.
A transfer agent and registrar for a publicly held company keeps a record of who owns the Company’s stock and the name in which it is registered. When stock changes hands, the transfer agent records the change in its records. The registrar reconciles all transfer records and makes sure that the number of shares debited is equal to the number of shares credited. CIC’s transfer agent is American Stock Transfer and Trust Company.
