In Oct 2003 shares were (kindly donated) transferred from Judy's name into the name of a charity called XYZ Trust.
Judy had previously given Tarzan written power of attorney to act on her behalf.
Tarzan (happens to be the principal trustee of the charity) having sort consent from Judy signs (witnessed too) the share transfer form on behalf of both Judy & the Charity.
On Oct 23 2003 he sends off the transfer form to the appopriate share transfer office called Timbuctoo Investor Services Ltd (TISL) in Jungleland.
Last Dec Tarzan received correspondence & a dividend cheque (made out to him & not the charity) from TISL.
Tarzan returns the cheque to TISL requesting that it be;
- cancelled
- reissued in the charity's name
- void of tax
- & that they amend all documentation dating back to 23 Oct 2003, showing the charity's name as the registered shareholder & not his!
In reply TISL says that they;
- banked the returned cheque as is into the charity's bank a/c.
- never received the original transfer form. Even tho their correspondence shows both Tarzan's name & the charity's
- were unaware that XYZ Trust was a charity as they had not until recently sighted it's certificate of incorpoartion
- because of s92 of the Companies Act 1993 the shares were registered in Tarzan's name with a reference to XYZ Trust
- they are now requesting that Tarzan sign a new transfer form, thus tranferring the shares from his name (which shouldn't of even been in his name in the first place) into the name of XYZ Trust.
Question:
1. is TISL request legal?
2. if it is or isn't what should he do to remedy the matter?
Thanks in advance for your feedback.
Jane
Judy had previously given Tarzan written power of attorney to act on her behalf.
Tarzan (happens to be the principal trustee of the charity) having sort consent from Judy signs (witnessed too) the share transfer form on behalf of both Judy & the Charity.
On Oct 23 2003 he sends off the transfer form to the appopriate share transfer office called Timbuctoo Investor Services Ltd (TISL) in Jungleland.
Last Dec Tarzan received correspondence & a dividend cheque (made out to him & not the charity) from TISL.
Tarzan returns the cheque to TISL requesting that it be;
- cancelled
- reissued in the charity's name
- void of tax
- & that they amend all documentation dating back to 23 Oct 2003, showing the charity's name as the registered shareholder & not his!
In reply TISL says that they;
- banked the returned cheque as is into the charity's bank a/c.
- never received the original transfer form. Even tho their correspondence shows both Tarzan's name & the charity's
- were unaware that XYZ Trust was a charity as they had not until recently sighted it's certificate of incorpoartion
- because of s92 of the Companies Act 1993 the shares were registered in Tarzan's name with a reference to XYZ Trust
- they are now requesting that Tarzan sign a new transfer form, thus tranferring the shares from his name (which shouldn't of even been in his name in the first place) into the name of XYZ Trust.
Question:
1. is TISL request legal?
2. if it is or isn't what should he do to remedy the matter?
Thanks in advance for your feedback.
Jane
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