Share transfer is done online via the government e-citizen portal. Share transfer can be initiated by a director, shareholder or a company secretary
A Share can be defined as a single unit of ownership in a Company. It is transferred from one person to another through a share transfer document duly executed by or on behalf of both the transferor and the transferee.
Section 497 of the Companies Act provides that a company may only register a transfer of shares if a proper document of transfer (transfer of shares form) has been delivered to it, failure to which the said transfer is rendered void.
The registration of a deed of transfer of shares confers upon the transferee’s proprietary rights over shares in a company. This is asserted by Section 323 of the Companies Act which provides that shares in a company are the personal property of the shareholder. Suffice to say that shares form part of the estate of a shareholder upon their demise.
The shares of a deceased shareholder are transmitted by operation of law to their personal representative who thereafter executes a deed of transfer of share in order to effect transfer of shares to the intended beneficiary or third party.
Requirements for share transfer for a private limited company
Form d for share transfer
Share transfer form duly executed
Number of share being transferred
Kra pin for the share transferor and transferee
Resolution for share transfer
The application for share transfer is done online via the e-citizen portal
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