13Entries in register of members

13 Entries in register of members

S. 13(1) amended by No. 29/2024 s. 3(1).

(1) Subject to the provisions of this section, the transfer of shares in a Trust shall be effected only by alteration of the register of members on production by the transferee of an instrument of transfer in the prescribed form accompanied by—

S. 13(1)(a) inserted by No. 29/2024 s. 3(1).

(a) any other prescribed supporting documents or information; and

S. 13(1)(b) inserted by No. 29/2024 s. 3(1).

(b) a statutory declaration in accordance with subsection (1A) from the person selling or transferring the shares; and

S. 13(1)(c) inserted by No. 29/2024 s. 3(1).

(c) a statutory declaration in accordance with subsection (1A) from the purchaser or person to whom the shares are being transferred.

S. 13(1A) inserted by No. 29/2024 s. 3(2).

(1A) A statutory declaration accompanying an instrument of transfer must state—

(a) the number of shares to be sold or transferred; and

(b) if the shares are to be sold, that the sale is in accordance with section 14; and

(c) if the shares are to be otherwise transferred, that the transfer is not a sale or exchange for consideration; and

(d) that the sale or transfer is made in accordance with this Act and the regulations (if any).

S. 13(2) amended by Nos 33/2013 s. 9, 29/2024 s. 3(3).

(2) The personal representative of a deceased member of a Trust may, on making application in writing and producing evidence of the representative's appointment satisfactory to the Trust, have the representative's name entered in the register of members as the owner of the shares of the deceased member.

(3) Except as required by law, no person shall be recognized by a Trust as holding any share upon any trust, and the Trust shall not be bound by or compelled to recognize (even when having notice thereof) any equitable contingent future or partial interest in any share or any other rights in respect of any share, except an absolute right as to the entirety thereof in the person registered as the owner thereof.

S. 13(4) amended by No. 29/2024 s. 3(4).

(4) Where a share is owned by a person known by the Trust to be a child or under any other disability, the Trust shall mark the register accordingly.

S. 13A inserted by No. 29/2024 s. 4.