How is transmission of shares done in Nigeria?
Transmission of shares is when the shares of a deceased shareholder in company is transferred to a personal representative or beneficiary of the deceased share holder.
The beneficiary applies to get probate (where there is a Will) or a Letter of Administration as the case may be to deal with the shares of the deceased and after obtaining probate or the Letter of Administration, the beneficiary then applies to the company informing them of his/her intention to hold the shares in his/her name or to transfer such shares to a third party. Such application must be accompanied with the following documents;
- A copy of the Death Certificate of the decreased shareholder.
- A copy of the probate letter or Letter of Administration.
- The shareholding certificate of the deceased.
Finally, after making such application, a new certificate will be issued to the beneficiary or personal representatives of the deceased shareholder.
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