14Restriction on transfer of shares

14 Restriction on transfer of shares

(1) A member of a Trust shall not sell or transfer any shares to any person otherwise than in accordance with this section, and no transfer in contravention of this section shall be registered.

S. 14(2) amended by Nos 33/2013 s. 10(1), 29/2024 s. 5(2)(a).

(2) A member of a Trust may transfer the member's shares or any of them as follows—

(a) to the Trust;

(b) to another member;

(c) to the Crown in right of the Commonwealth or the State; or

S. 14(2)(d) amended by No. 29/2024 s. 5(1).

(d) To a person whom the member believes to be—

S. 14(2)(d)(i) amended by No. 29/2024 s. 5(2)(b)(c).

(i) the spouse or domestic partner, or a child or remoter issue, sibling or parent of the member;

S. 14(2)(d)(ii) amended by No. 29/2024 s. 5(2)(d).

(ii) a sibling of a parent of the member; or

S. 14(2)(d)(iii) amended by No. 29/2024 s. 5(2)(d).

(iii) a child or remoter issue of a parent of the member, or of a sibling of a parent of the member:

Provided that for the purposes of this paragraph, any natural blood relationship shall be treated as being legitimate.

(3) Nothing in this section shall be construed as preventing a transfer of shares—

(a) by the personal representative of a deceased member to the persons entitled thereto under the will or on the intestacy of the deceased member; or

S. 14(3)(b) amended by No. 33/2013 s. 10(2).

(b) by the Crown to the member from whom the shares were acquired or the member's personal representative.

S. 14(4) substituted by No. 33/2013 s. 10(3).

(4) A member of a Trust may make to the Trust an offer in writing to sell any shares owned by the member to—

(a) the Trust; or

(b) a person referred to in subsection (2) who is to be nominated by the Trust.

S. 14(4A) inserted by No. 33/2013 s. 10(3).

(4A) The price of the shares offered for sale under subsection (4) shall be the price fixed in accordance with this Act by an auditor appointed under this Act.

S. 14(5) substituted by No. 33/2013 s. 10(3).

(5) An offer under subsection (4) shall remain open for acceptance by the Trust or person nominated by the Trust (as the case requires) for a period of 3 months from the date the offer is made, and then lapses.

(6) Upon the lapsing of any such offer, the member shall be entitled to transfer the shares or any of them to any person at a price being not less than the price fixed for them by the auditor.