Share Transfer Procedure
Procedures for Share Transfer - Physical Mode Transfer of Shares One of the most key features of a Company is that its shares are transferable. Privileges of a shareholder are to transfer his shares. A company gets its own sovereign legal personality and is a separate entity. Its stakeholders buy the right to hold and transmit shares upon incorporation. If a Company is limited by assurance and has no share capital, no transfer of share is involved as there are no shares to transfer. Shares are moveable goods. The ownership of moveable goods may be transferred by delivery of possession, but there is a contractual relationship between the members and the company. When shares are transferred the contractual relationship is assigned to the transferee …show more content…
The notice of acknowledgement is usually in the form of a letter which holds a checklist for scrutiny of the transfer documents. Some companies follow a practice of issuing transfer receipt. If the transfer application is made by the transferor alone and he has partly paid for the shares; the company must not register the transfer unless the company acknowledges the transferee, and he does not have any objection in transferring the shares within 2 weeks from the receipt of the notice. There is no statutory obligation on the company to give notice to the transferor when the transfer documents are lodged by the …show more content…
The registration takes place after approval. If everything is accepted after scrutiny, it should be approved by the right authority. Transfer of shares must be approved by the board. If articles of the company empower the board to delegate its power of approval of share transfer, then it may delegate it to a committee who might not be the company’s directors. Registration Registration of share transfer is a requirement for the transferee obtaining the status of a member of the company. A transfer is incomplete without registration of share transfer. A share transfer form is a document through which the transferee agrees to accept the shares. This becomes a legal contract with the company. Once the company approves and registers the transfer, this leads to the entry of the transferee’s name in the registry of the member and it qualifies his status as a member. The maintenance of the register of transfer is not a statutory requirement. Delivery of Share Certificate Transfer becomes effective only on registration of such shares by the company. The company shall deliver the share certificate within 1 month from the receipt by the company’s instrument related to transfer. The instrument of transfer must be endorsed with the respective name of the
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