Section 51
of International Business Companies Order, 2000
Section 51
(1)
In a case where –
(a)
a member of an IBC dies or becomes bankrupt;
(b)
on account of any incapacity of a member of an IBC, his affairs are managed by another person (“the guardian”); or
(c)
by operation of law, the registered shares of a member of an IBC are transferred to another person (“the successor”), the IBC shall accept a transfer of the member’s registered shares by his personal representative or trustee in bankruptcy or by the guardian or successor, as the case may be, as if the person making the transfer were the registered holder of the shares at the time of the execution of the transfer.
(2)
For the purposes of subsection (1), what amounts to incapacity on the part of a member of an IBC is a matter to be determined by the Court after having regard to all the relevant evidence and the circumstances of the case.
Protection on seizure of shares.