Q.Write the procedures of Transmission of Shares.

On transmission, the entitled person applies with legal proof; the company verifies it, approves, updates the register of members and issues a fresh certificate — no transfer deed or stamp duty is needed.

The procedure for transmission of shares is:

1. Event triggering transmission — the shares pass by operation of law on the member's death, insolvency or insanity, not by any voluntary agreement.
2. Application by the entitled person — the legal heir, legal representative or (for insolvency) the assignee applies to the company for transmission, along with the share certificate.
3. Submission of proof — supporting documents are attached, such as the death certificate and a succession certificate / legal-heir certificate / letters of administration or probate of the will (or the court order in case of insolvency/insanity).
4. Scrutiny by the company — the secretary/company examines and verifies the documents to confirm the applicant's title.
5. Board approval — the Board of Directors considers and approves the transmission (it may also refuse on valid grounds, giving reasons).
6. Recording the change — the name of the entitled person is entered in the register of members in place of the deceased/original member. …