Q.What is meant by "transmission of shares"?

Shares can change hands in two very different ways in Secretarial Practice — one by a member's own choice, the other without any choice at all.

Transmission of shares occurs when shares pass from a member to another person not through a voluntary sale, but automatically, by operation of law — the most common instance is the death of a member, where the shares pass to the legal heir, nominee, or the person named in a probate/succession certificate; it can also occur on a member being adjudged insolvent (shares vesting in the Official Assignee/Receiver) or of unsound mind. Because there is no sale, no instrument of transfer or stamp duty is required; the claimant instead produces legal proof of title, such as a succession certificate, probate of will, or a cou …