Form with which a corporation may alter the amount of outstanding shares issued by the corporation.
Change Class Of Shares In Kings
State:
Multi-State
County:
Kings
Control #:
US-0034-CR
Format:
Word;
Rich Text
Instant download
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FAQ
After the shares are forfeited, the company can re-issue the shares, in this case it is known as re-issue of forfeited shares or reissue of shares. For reissue of shares, the company can conduct an auction and dispose of the shares.
Complete and file Companies House form SH08 Upon passing the resolution, the directors must complete form SH08 – Notice of name or other designation of class of shares with the following details: Company registration number. Company name in full. The date on which the redesignation took place.
Step 1: Contact your DP for a dematerialisation request form (DRF). Step 2: Fill in all the requested details in the DRF form and submit it along with the physical share certificates to your Depository Participant. You also need to mention the phrase 'Surrendered for Dematerialisation' on each share certificate.
When you have altered the articles (where relevant), you can carry out a redesignation of shares by passing an ordinary resolution of members, either in writing or at a general meeting. This type of resolution requires a simple majority (greater than 50%) of members' votes to pass.
The process of redesignating shares To redesignate shares, the members of the company must pass an ordinary resolution with the following details: The name of the shareholder and the number of shares to be redesignated. The class of shares they originally belong to. The class of shares they are being redesignated into.
Renaming or re-designation of shares Companies may seek to re-classify shares following a sale or re-organisation of a company or simply for administrative, historical or family reasons with shareholders choosing or needing to hold different classes of shares.
When creating a new share class, the two documents you will need are: Board Resolution: this provides the Board minutes asking the shareholders for permission to create the new share class. Shareholders Resolution: this provides the shareholder approval.
Steps involved in Reclassification of share capital: Call for EGM and pass the resolutions for Reclassification of shares and alteration in MOA. File SH-7 as required under Section 64 to inform Registrar about reclassification within 30 days of EGM. File MGT-14 for special resolution passed within 30 days of EGM.
Shares can be converted from one class to another by way of special resolution or by lodging a notice with ACRA. However, non-redeemable preference shares cannot be converted into redeemable preference shares.