{"id":233563,"date":"2016-07-23T10:00:41","date_gmt":"2016-07-23T10:00:41","guid":{"rendered":"http:\/\/citifmonline.com\/?p=233563"},"modified":"2016-07-23T10:00:41","modified_gmt":"2016-07-23T10:00:41","slug":"registrar-generals-dept-to-sanction-wrongful-share-transfers","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/07\/registrar-generals-dept-to-sanction-wrongful-share-transfers\/","title":{"rendered":"Registrar General’s Dept to sanction ‘wrongful’ share transfers"},"content":{"rendered":"

The Registrar General\u2019s Department (RGD), has served notice it will not be held liable for non-compliance for shareholders who file their transfers directly at the head office.<\/p>\n

[contextly_sidebar id=”tHUgVet1g7k5NTCuGhWadIZhma9gYrvm”]According to the Department, the current practice practice where shareholders bypass the various respective sub offices contradicts the required procedure.<\/p>\n

The department also argues that the development disorganizes activities and arrangement at its main office.<\/p>\n

Speaking to Citi Business News <\/strong>on the latest move, the Acting Registrar-General, Jemima Oware, emphasized that the directive will be fully implemented from the 3rd<\/sup> of October this year.<\/p>\n

\u201cFrom 3rd<\/sup> October onwards, the department will not accept shared transfer instrument; we will not do that until the individual has fully complied with the Companies Act and the registrar\u2019s office.\u201d<\/p>\n

Portions of a statement issued by the RGD read, \u201cWe wish to bring to the notice of the General Public and all persons so required by Law who wish to register and file documents at the offices of the Registrar-General\u2019s Department to take note of procedures they are required to follow under the provisions of the Companies Act, 1963, Act 179 before submitting them to the Department for filing.\u201d<\/p>\n

It added, \u201cUnder section 331(1) of the Act, any document or particulars required to be registered shall be done by the Registrar by inserting the document or particulars in the file so maintained at the Registry.<\/p>\n

\u201cThe Public is being advised to take note that any document deposited at the Registrar-General\u2019s Department without observing the requirements of the Act as described above should not be deemed to have been properly filed,\u201d it further noted.<\/p>\n

Accordingly, with effect from 3rd<\/sup> October, 2016, the Registrar-General\u2019s Department would not accept and file any Deeds of Transfer or Share Transfer Instruments transferring shares to individuals unless it is accompanied by the following:<\/p>\n

    \n
  1. Proof of ownership of the Transferor (either a copy of the old Share Certificate or a copy of an extract from the Register of Members of the Company;<\/li>\n
  2. Proof of the Transaction ( that all procedural matters have been fulfilled, including a Board Resolution authorising the Transaction)<\/li>\n
  3. Proof of Transfer (that the Transfer has been properly recorded in the books of the Company).<\/li>\n<\/ol>\n

    –<\/p>\n

    By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Registrar General\u2019s Department (RGD), has served notice it will not be held liable for non-compliance for shareholders who file their transfers directly at the head office. [contextly_sidebar id=”tHUgVet1g7k5NTCuGhWadIZhma9gYrvm”]According to the Department, the current practice practice where shareholders bypass the various respective sub offices contradicts the required procedure. The department also argues that the development […]<\/p>\n","protected":false},"author":14,"featured_media":233564,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"\nRegistrar General's Dept to sanction 'wrongful' share transfers - Citi 97.3 FM - Relevant Radio. 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