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of <h1>Section 56: rules for share transfer, transmission, timelines, penalties, and depository fraud liability in companies</h1> Section 56 regulates transfer and transmission of securities in a company. A transfer cannot be registered unless a duly stamped, dated, executed instrument in prescribed form, with transferee details, and relevant certificates or allotment letter, is delivered within 60 days, subject to relaxation where instruments are lost with indemnity. It preserves registration of transmission by operation of law. For partly paid shares, transfer by the transferor alone requires notice to and no objection from the transferee. Companies must issue security and debenture certificates within specified time limits, or intimate depositories for dematerialised securities. Transfers by legal representatives of deceased holders are valid. Default attracts a fixed monetary penalty on the company and defaulting officers, and fraudulent transfers by depositories trigger liability under section 447.
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