Golkor Inc (GKOR)

[Jim Bishop]

Actually while it's FINRA that must be notified and paid for all corporate action filing I belive it's actually Nasdaq OTC Compliance Unit that makes the decisions, then after they set ex date, due bills date etc, they pass the info back to FINRA for publication on the Daily List (for BB's) or the Other-OTC Portal Daily List (for Pinks). Having said that, FINRA say they set ex date.

http://secretaryofstate.biz/sosentitysearch/CorpDetails.aspx?lx8nvq=Ji6hnCJCRNX541ZMO6c0Rg%253d%253d&nt7=0

You are semi right, but ONLY when the divvy is "not quoted ex) that is the only time that the record date has any meaning as far as any split or dividend.

In all other cases no matter what the company wants, Nasdaq sets the all important Ex Dividend Date.

http://www.finra.org/Industry/Compliance/MarketTransparency/UPC/FAQ/P117315

UPC FAQ - Corporate Actions

What rules govern the reporting of dividends; when must a company report a declaration of a dividend or other distribution?
Please refer to Section 10b-17 of the Securities Exchange Act of 1934, which effectively requires that any OTC Equity issuer must provide FINRA operations with 10 days notice prior to engaging in any of the following corporate actions: (1) the issuance of a dividend or other distribution in cash or in kind; (2) a stock split or reverse split; or (3) a rights or other subscription offering. Failure by an OTC Equity issuer to provide the requisite notice constitutes fraud under Section 10 of the Securities Exchange Act of 1934.



What is an "ex-dividend date"?
The date on or after which a security begins trading without the dividend (cash or stock) included in the contract price. Please refer to NASD Rule 11140 to see how an ex-dividend date is set.


How does a company report a dividend?
For all notifications of cash or stock dividends, send information via email.



What is the "record date" for a dividend?
The date on which a company's records are closed to determine which stockholders are to be sent dividends, proxies, rights, etc.



What is the "payable date" for a dividend?
The date the dividend is sent to the record owner of the security.



Who is the" shareholder of record"?
The individual or entity that an issuer carries on its books as the registered holder (not necessarily the beneficial owner) of the issuer's securities.



Who is the beneficial owner?
A person who benefits from ownership of a security or mutual fund. Shares or title may be held by a bank or broker for safety and convenience, or in "street name" to expedite transactions, but the actual owner is the beneficial owner.



What is meant by "street name"?
A term given to securities held in the name of a broker on behalf of a customer. This arrangement allows shares to be transferred easily. If the stock were registered in the customer's name rather than the broker's name, physical certificates would need to be transferred.



What is a "due bill"?
A promissory note that is physically attached to a stock that is traded between the record date and payment date. The due bill confirms the rightful owner of the additional securities being issued in the distribution.



What is a "due bill redemption date"?
The date on which all outstanding due bills must be redeemed for the securities being distributed.



What is a "stock split"?
The division of outstanding shares of a corporation into a larger number of shares (forward split) or a smaller number of shares (reverse split). For example: in a 3-for-1 forward split, a holder of 100 shares would receive 300 shares of the post-split security, In a 1-2 reverse split, a holder of 100 shares would receive 50 shares of the post-split security. In both examples, the proportionate equity in the company would remain the same.



What documents are required for a stock split?
The company needs to complete the OTC Equity Issuer Notification form (PDF) and submit to FINRA no later than 10 calendar days prior to the record date of the corporate action. Submissions can be set via email or fax to [phone]. Failure by an OTC Equity issuer to provide the requisite notice constitutes fraud under Section 10 of the Securities Exchange Act of 1934.



What documents are required for a Company to change its name?
The company needs to complete the OTC Equity Issuer Notification form (PDF) and submit to FINRA no later than 10 calendar days prior to the record date of the corporate action. Submissions can be set via email or fax to [phone]. Failure by an OTC Equity issuer to provide the requisite notice constitutes fraud under Section 10 of the Securities Exchange Act of 1934.