Form with which a corporation may alter the amount of outstanding shares issued by the corporation.
Change Shares To Beneficially Held In Montgomery
State:
Multi-State
County:
Montgomery
Control #:
US-0034-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Duly filledin Share Transfer Form along self attested copy of pancard of Transferors & Transferees along with application letter should be submitted to Bank or our Registrar for effecting transfer. It takes about 15 days for the Company's Registrar and Share Transfer Agent to process the transfer.
A beneficial interest is the right to receive benefits on shares held by another party. Beneficial interest is often referred to in matters concerning trusts, whereby one has a vested interest in the trust's assets. A beneficial interest is “that right which a person has in a contract made with another (third party)”.
“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.
If the legal owners of the property are already tenants in common, and a deed of trust already exists, the transfer of a beneficial interest to another person requires a document called a deed of assignment.
That means that you are now holding the shares as trustee for someone else, but would be changing ownership from that trust to you personally - that other person or trust therefore ceases the beneficial owner. The result would be a CGT disposal from the other person/trust to you at current fair value.
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.
What is a shareholder's beneficial status? 'Beneficially held' means that the owner of the shares gets the direct benefit from the shares. Direct benefits include dividend payments. If the shareholder is not holding the shares on behalf of another person, organisation or trust, the shares are beneficially held.
The High Court ruled that in order to transfer the beneficial interest in the shares, certain formalities under the Law of Property Act 1925 must be complied with, namely that the transfer must be in writing.
“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.
In these cases, the beneficial owner is the one who has the commercial "benefit" of the shares, typically rights to capital and dividends, and sometimes voting rights.