Board Resolution for Transfer of Shares under Companies Act

Do refer section 56 of the Companies Act, 2013 for detailed provisions on the transfer and transmission of shares of a company.

Following is a format of the extracts of minutes containing the board resolution approving an item of business on the transfer of shares of the company.

SAMPLE

The Chairman informed the Board that the company has received three Securities Transfer Forms duly filled in, signed and stamped for transfer of a total of four hundred and fifty equity shares of the company.

The company has verified the authenticity of the forms, certificates and documents received in this regard and has found these to be in order as per the policy of the company in this regard. All these documents were tabled before the Board for perusal.

Upon motion duly passed and seconded, it was:

“RESOLVED THAT the consent of the board of directors of the company be and is hereby accorded for the transfer of equity shares as per the details given hereunder:

Sl. No.

Name of Transferor

Folio No.

Name of Transferee

No. of Shares Transferred

Certificate No.

Distinctive Nos.

1.

Mr. ABC

123

Ms. PTY

100

43

901-1000

2.

Ms. XYZ

56

Mrs. LTD

150

27

101-250

3.

Mr. MKL

289

Mr. INC

200

185

1351-1550

Total

450



FURTHER RESOLVED THAT (Name of the Officer, (Designation) be and is hereby authorised and directed to enter the names of the transferees as members in the Register of Members of the company and to make necessary endorsement on the reverse of the respective share certificates.

FURTHER RESOLVED THAT (Name of the Officer, (Designation) be and is hereby authorised to issue the certificates to the respective members and to do all such acts, deeds and things as may be necessary or incidental in this connection.”