Section 50
of International Business Companies Order, 2000
Section 50
(1)
Subject to any relevant modification, shares of an IBC may be transferred by a written instrument of transfer signed by or on behalf of both the transferor and the transferee of the transfer and containing the name and address of the transferee and the date, provided that before a transfer of shares may be registered the resident secretray appointed under section 64(1) shall ensure that a certificate of due diligence in the prescribed form is completed and presented to the directors approving the share transfer.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
56
BLUV as at 20th June 2017
(2)
In the absence of such an instrument of transfer as is mentioned in subsection
(1)
, the directors of an IBC may accept such evidence of a transfer of shares as they consider appropriate.
(3)
An IBC need not treat a transferee of a registered share as a member of the IBC until his name has been entered in the share register but, subject to any relevant modification, on the application of the transferor and the transferee of a registered share, the IBC must enter the name of the transferee in its share register.
Transfer of shares, death, bankruptcy.