General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 17Ad-3 -- Limitations on Expansion
Any registered transfer agent which is required to file
any notice pursuant to Rule 17Ad-2 (c) or (d)
for each of three consecutive months shall not from the fifth business day after
the end of the third such month until the end of the next following period of three
successive months during which no such notices have been required:
Initiate the performance of any transfer agent function
or activity for an issue for which the transfer agent does not perform, or is not
under agreement to perform, transfer agent functions prior to such fifth business
day; and
With respect to an issue for which transfer agent
functions are being performed on such fifth business day, initiate for that issue
the performance of an additional transfer agent function or activity which the transfer
agent does not perform, or is not under agreement to perform, prior to such fifth
business day.
Any registered transfer agent which for each of two
consecutive months fails to turn around at least 75% of all routine items in accordance
with the requirements of Rule 17Ad-2(a) or to process
at least 75% of all items in accordance with the requirements of Rule
17Ad-2(b) shall be subject to the limitations imposed by paragraph
(a) of this section and further shall, within twenty business days after the
close of the second such month, send to the chief executive officer of each issuer
for which such registered transfer agent acts a copy of the written notice filed
pursuant to Rule 17Ad-2 (c) or (d)
with respect to the second such month.
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