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Simple English definitions for legal terms
date of record
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A quick definition of date of record:
A date is a specific day or time period when something happens or is supposed to happen. For example, the date of a trial is when the trial takes place. The date of record is the day when someone must own shares in a company to be able to vote or receive a dividend. Other important dates include the date of injury, which is when an accident causing an injury occurred, and the filing date, which is when a document is officially submitted to the appropriate authority.
A more thorough explanation:
Definition: The date on which a stockholder must own shares to be entitled to vote or receive a dividend.
Example: If a company declares a dividend on May 1st, the date of record might be set for May 15th. This means that shareholders who own the stock on May 15th will receive the dividend payment.
Explanation: The date of record is important for determining which shareholders are eligible to receive dividends or vote on corporate matters. It is set by the company and serves as a cutoff date for determining ownership of shares. In the example given, only shareholders who own the stock on May 15th will receive the dividend payment, even if they sold their shares before the payment date.