Paragraph 63 Transfers of certificated sharesI1
United Kingdom
Certificated shares may be transferred by means of an instrument of transfer in any usual form or any other form approved by the directors, which is executed by or on behalf of—
the transferor, and
(if any of the shares is partly paid) the transferee.
No fee may be charged for registering any instrument of transfer or other document relating to or affecting the title to any share.
The company may retain any instrument of transfer which is registered.
The transferor remains the holder of a certificated share until the transferee’s name is entered in the register of members as holder of it.
The directors may refuse to register the transfer of a certificated share if—
the share is not fully paid;
the transfer is not lodged at the company’s registered office or such other place as the directors have appointed;
the transfer is not accompanied by the certificate for the shares to which it relates, or such other evidence as the directors may reasonably require to show the transferor’s right to make the transfer, or evidence of the right of someone other than the transferor to make the transfer on the transferor’s behalf;
the transfer is in respect of more than one class of share; or
the transfer is in favour of more than four transferees.
If the directors refuse to register the transfer of a share, the instrument of transfer must be returned to the transferee with the notice of refusal unless they suspect that the proposed transfer may be fraudulent.
Annotations
Commencement
- I1
Sch. 3 art. 63 in force at 1.10.2009, see reg. 1