Form with which a corporation may alter the amount of outstanding shares issued by the corporation.
Change Shares To Beneficially Held In Collin
State:
Multi-State
County:
Collin
Control #:
US-0034-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Where any change occurs in the beneficial interest in such shares, the registered owner and the beneficial owner shall, within a period of 30 days from the date of such change, make a declaration to the company in MGT-4 and MGT-5, respectively in duplicate.
“Beneficially held” means the shareholder gets the direct benefit of owning the shares. “Non-beneficially” held means that the shareholder is holding the share "as trustee for" or "in trust for" a second entity such as a Trust, a company or another individual.
The Companies Act No. 17 of 2015, Section 93A, requires every company to keep a register of its beneficial owners and submit to the Registrar of Companies a copy of its register and communicate any amendments to the Registrar.
A trustee holds these for another entity, such as a person or company. This means that they do not hold the shares or benefit from it themselves. This means they won't receive any direct benefits from the shares.
The beneficial owner of property may transfer all or a proportion ownership by making a declaration of trust in favour of another person. Changes in ownership of land and property should be notified to the Land Registry and must be evidenced in writing.
Failure to file may become extremely costly, with civil penalties starting at $500 per day and criminal penalties of up to $10,000 and/or two years in prison.
If you are required to report your company's beneficial ownership information to FinCEN, you will do so electronically through a secure filing system available via FinCEN's BOI E-Filing website ( ).
“Beneficially held” means the shareholder gets the direct benefit of owning the shares. “Non-beneficially” held means that the shareholder is holding the share "as trustee for" or "in trust for" a second entity such as a Trust, a company or another individual.
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