Registration requirement for share-transfer scheme circulars, with registrar review, appeal rights and penalties for issuing unregistered circulars. Circulars accompanying offers to transfer shares must contain prescribed information and a transferee statement on steps to ensure cash availability, be ... Summary
Registration requirement for share-transfer scheme circulars, with registrar review, appeal rights and penalties for issuing unregistered circulars.
Circulars accompanying offers to transfer shares must contain prescribed information and a transferee statement on steps to ensure cash availability, be presented to and registered by the Registrar before issue, and are subject to Registrar refusal with recorded reasons and a thirty-day communication period; an appeal lies to the Tribunal. Directors issuing unregistered circulars face specified monetary penalties.
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