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TRANSMISSION OF SHARES
Section 109(1) provides that where the existing member is deceased or becomes
a bankrupt, the following person may notify the company in writing and requires
the shares to be transferred to him.
• Where the deceased member was the sole holder of the shares, by the legal
representative
• Where the deceased member was a joint holder, by the survivor
• Where the member is a bankrupt, by the Director General of Insolvency.
In section 109(2) provides the member to elect to transfer the shares to another
person by signing the transfer form. Section 109(3) states the procedure for the
transfer of share applies, but the company is given longer time to register the
transfer within 60 days.