Section 56 of CA 2013 : Section 56: Transfer And Transmission Of Securities
CA 2013
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Explanation using Example
Imagine Sarah wishes to sell her shares in ABC Ltd. to John. They agree on the sale and Sarah signs a share transfer form and gives it to John along with her share certificate. John now must submit the transfer form and share certificate to ABC Ltd. within 60 days for the transfer to be registered. If John fails to submit these within 60 days due to, say, misplacing the documents, ABC Ltd. may still register the transfer if John provides an indemnity bond as a form of security...
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