In a situation where the last joint shareholder of a share(s) dies is addressed by the legal provisions concerning the transmission of shares under the Companies Act 2015. Below is a simple outline of the process:
- Transmission of Shares: The legal representatives or executors of the deceased’s estate must submit a death certificate certified by the issuer and the relevant legal documents (confirmed grant of probate or letters of administration) to the company.
- Companies’ Registrar: The registrar will update the shareholders’ register to show the new owner(s) as designated by the legal representatives.
- Inheritance Process: Shares will be distributed according to the instructions in the deceased’s will or confirmed letters of administration.
The shares are not lost or cancelled; they are transferred to the legal heirs or representatives.
