New RBI Grade B Notification Out - 94 Vacancies - Prepare with Us!

    Register

    Question

    The instrument of transfer of shares is required to be_________

    A Signed by witnesses Correct Answer Incorrect Answer
    B Duly stamped and executed by or on behalf of the transferor Correct Answer Incorrect Answer
    C Duly stamped and executed by or on behalf of the transferee Correct Answer Incorrect Answer
    D Duly stamped, dated and executed by or on behalf of the transferor and the transferee Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Section 56.Transfer and transmission of securities: (1) A company shall not register a transfer of securities of the company, or the interest of a member in the company in the case of a company having no share capital, other than the transfer between persons both of whose names are entered as holders of beneficial interest in the records of a depository, unless a proper instrument of transfer, in such form as may be prescribed, duly stamped, dated and executed by or on behalf of the transferor and the transferee and specifying the name, address and occupation, if any, of the transferee has been delivered to the company by the transferor or the transferee within a period of sixty days from the date of execution, along with the certificate relating to the securities, or if no such certificate is in existence, along with the letter of allotment of securities.

    Practice Next