Summary
Southern Copper Corporation (SCCO) filed an 8-K on January 31, 2011, to report an amendment to its corporate bylaws. Effective January 27, 2011, the Board of Directors amended Article VII of the Bylaws to permit the issuance of uncertificated shares. This change is significant as it allows SCCO to participate in the Direct Registration System (DRS) administered by The Depository Trust Company.
Key Highlights
- 1Amendment to Bylaws to allow for uncertificated shares.
- 2Effective date of amendment: January 27, 2011.
- 3Enables participation in the Direct Registration System (DRS).
- 4DRS facilitates electronic share registration and transfers.
- 5Reduces risks and delays associated with physical stock certificates.
- 6Registered stockholders can still request physical certificates if desired.
Frequently Asked Questions
The main purpose is to allow Southern Copper Corporation to issue uncertificated shares, which enables the company to participate in the Direct Registration System (DRS).
The DRS allows investors to have their securities registered electronically in their names without receiving physical certificates. It also facilitates electronic transfers and can reduce the risks and delays associated with handling physical stock certificates.
No, the amendment to the bylaws still allows registered stockholders to request a physical stock certificate if they prefer.
The amendment to Article VII of the Bylaws became effective on January 27, 2011.