Loopholes in shares’ transfer closed with passage of Bill
By Pauline Waruguru
Nevis Reporter- SKNVibes.com
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Premier of Nevis, Joseph Parry, tabled the Bill
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CHARLESTOWN, Nevis – FOLLOWING the passage of the Companies (Amendment) Ordnance 2008 last Thursday, existing loopholes in shares’ transfers will be checked in future.
The Bill was tabled in the House of Assembly by Premier of Nevis, Joseph Parry, on Thursday, February 28 and sailed through the first, second and third readings without any major hitches.
According to the Bill, a company shall lodge with the Registrar within one month after the date of incorporation, a Return of Allotment of Shares.
The shares may be transferred by a written instrument or transfer signed by the transferor and the transferee and approved by the Registrar.
The Registrar shall not approve any instrument of transfer unless stamp duty has been paid on the said transfer in accordance with the Stamps Act. Cap. 257, and where the payment of stamp duty has been exempted under any other law the Comptroller of Inland Revenue shall so certify. ~~Adz:Right~~
Any instrument of transfer which does not bear evidence that stamp duty has been paid or that it does not bear evidence of the approval of the Registrar, shall be treated nullified.
All monies paid by the transferee to the transferor shall be irrecoverable and the property in the said shares shall remain with the transferor.
