https://www.taxtmi.com/acts?id=39202 Shares of a Member of a Producer Company are generally not transferable; transfers to an active Member at par require prior Board approval. Members must nominate a person for vesting of shares on death; nominees take all rights and the Board transfers the deceased's shares to the nominee. If the nominee is not a producer, or if the Board finds a Member has ceased to be a primary producer or lost qualifying status, the Board shall direct surrender of the shares (with special rights) to the Producer Company at par or other value determined by the Board, after written notice and an opportunity to be heard. en-us Sat, 03 Oct 2020 18:19:54 +0530 Tue, 16 Dec 2025 16:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39202 Shares of a Member of a Producer Company are generally not transferable; transfers to an active Member at par require prior Board approval. Members must nominate a person for vesting of shares on death; nominees take all rights and the Board transfers the deceased's shares to the nominee. If the nominee is not a producer, or if the Board finds a Member has ceased to be a primary producer or lost qualifying status, the Board shall direct surrender of the shares (with special rights) to the Producer Company at par or other value determined by the Board, after written notice and an opportunity to be heard. Act-Rules Companies Law Sat, 03 Oct 2020 18:19:54 +0530 https://www.taxtmi.com/acts?id=39202