Procedure for share transfer and share transmission in Nigeria
The procedure for share transfers includes;
- Prepare an instrument of Transfer.
- The instrument of Transfer must be signed by the transferor and the transferee or on their behalf.
- The instrument of Transfer must be delivered to the company.
- Upon an application by the transferor, the name of the transferee would be written in the company’s register.
Unless the name of the transferee is written in the company’s register, the transferor is deemed to be the shareholder. An electronic means of transfer is deemed an acceptable means of transfer.
The procedure for share transmission includes;
Transmission of shares is required where there is a deceased shareholder. The only person recognised by the company to process shares of the deceased is the legal representative of the deceased where he/she was a sole holder of the shares or the surviving holder where he/she was a joint holder of shares.
- The Legal representative/surviving shareholder may be required to produce evidence by the company. The evidence would be determined by the company. It could be a death certificate etc.
- Nominate himself or another person to become a holder of the shares.
- Where he nominates himself, he would notify the company in writing and sign that he nominates himself but where he nominates another person, he would testify by executing a share transfer on behalf of that person.
The company has the right to refuse or suspend any of such request for share transmission as they would have under transfer of shares.
Reference CAMA LLN,2020 Section 175- 179
Team 618 Bees
618 Bees can quickly and easily help you file share transfers and transmissions for your company in Nigeria. Log on to our website www.618bees.com or email firstname.lastname@example.org, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).
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