Question
Consider the following statements regarding share
transfer under Section 47 of the Companies Act, 2013: Statement 1: A company can register a transfer of shares if a duly stamped transfer deed is submitted with proper evidence of title. Statement 2: A company can refuse to register a transfer if there is a stop transfer order issued by a competent court. Statement 3: The transferee becomes a member of the company only upon registration of transfer. Statement 4: A transfer deed must be signed by both transferor and transferee. Which statements are correct?Solution
Section 47 prescribes share transfer requirements. Statement 1 is correct—stamped transfer deed with title evidence is required. Statement 2 is correct—court orders can prevent registration. Statement 3 is correct—registration is essential for membership. Statement 4 is partially correct but overstated—while both signatures are typically required, Section 47 doesn't mandate both; the transferor's signature with proper evidence suffices in some cases. Statements 1, 2, and 3 are clearly correct.
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