Intestate succession occurs when a shareholder dies without leaving a will stipulating who is to receive their CIRI shares upon their death. In these cases, state law governs what relatives are to inherit the CIRI shares, and CIRI is required to distribute the shares accordingly. Sometimes, the deceased shareholder may have owned only a small amount of CIRI shares, and those shares must then be divided among many relatives.

For instance, if a shareholder owned 10 shares of CIRI stock that were received as an inter vivos gift, and that shareholder passed away without leaving a will, CIRI would have to distribute those 10 shares according to the laws of intestate succession. Let's say the shareholder left a spouse and four children, under state law, the surviving spouse would receive five shares, or half of the CIRI stock estate, and the remaining five shares would be split among the four children (each would receive 1.25 shares).

Unfortunately, in most instances, owners of small amounts of CIRI stock do not cash their dividend checks in a consistent or timely manner. Although the amount of these checks is not large, the administrative burden involved in holding funds, and accounting for and reissuing uncashed checks is substantial. To alleviate this problem, the Shareholder Relations Department will soon implement an Annual Check Program for all shareholders owning two or less shares of CIRI stock.

Some of the Annual Check Program highlights include: Each shareholder owning two or less shares of stock, who is not signed up for direct deposit, will be sent a letter detailing the Annual Check Program; shareholders wishing to continue to receive their dividends on a quarterly basis will be able to either sign up for direct deposit or "opt-out" of the Annual Check Program; if no response is received from a shareholder, CIRI will assume that the shareholder wishes to participate in the Annual Check Program.

Shareholders who participate in the Annual Check Program will have their stock records coded so that they no longer receive quarterly dividends. Instead, the dividends for these shareholders will be cumulated and paid in one annual check. Annual checks will be distributed in December, after the last distribution of the year, but before the end of the year. During the time they are held, the dividend amounts will earn no interest.

If you own more then two shares of stock, you can still help. How? By cashing your dividend checks promptly; by keeping the Shareholder Relations Department informed of your current address; and, if you have not already done so, by completing a will that provides for the disposition of your CIRI stock.

The CIRI Shareholder Relations Department has a simple will form available to use to separately bequeath your CIRI stock. Alternatively, you can bequeath your CIRI stock in a general will that includes language specifically disposing of your CIRI stock.

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