What is the procedure of transferring ones shares as a gift?

Transfer of Shares as a gift

This is only allowed for cases involving close relations and this includes, spouse, parents, siblings, child, father-in-law, son-in-law, daughter-in-law, mother-in-law, brother-in-law, grandchild or spouse of a grandchild.

The following would be required:

•  Share Transfer form duly signed by both the transferor and transferee, in the presence of a witness
• An affidavit sworn in the presence of a Commissioner for Oaths / Notary Public confirming that the shares have been given as a gift and specifying the relation.
• All original share certificates
• A certified copy of the transferor’s ID/passport
• A certified copy of the transferee’s ID/passport
• KShs 500.00 being broker’s handling charges (subject to change)

Click Here to download forms for Transfer of Shares as a Gift

How does one transfer a deceased shareholder’s shares to the beneficiaries?

Transmission of Shares

This basically means the transfer of shares from the Estate of a deceased shareholder to a beneficiary.

The following would be required:

• A certified copy of the Confirmation of Grant of Probate / Grant of Letters of Administration. If a Grant has been issued outside Kenya, it must further undergo the resealing process by the High Court of Kenya, at the shareholders cost, in accordance with the Laws of Succession in Kenya. The Advocates’ cost for resealing a foreign Grant in Kenya is approximately KShs 40,000 (subject to change).
• Share Transfer form duly signed by both the Executor / Administrator of the Estate of the deceased and transferee / beneficiary, in the presence of a Commissioner for Oaths / Notary Public
• A certified copy of the Death Certificate
• Original share certificates
• A certified copy of the Executor’s / Administrator’s passport
• A certified copy of the beneficiary’s passport (if not the same as the executor/administrator)
• A sum of Kshs.500.00 being broker’s handling charges (subject to change).

In cases of both the transfer of shares as a gift and transfer of shares by transmission, after the requisite documents are presented to the Bank’s Share Registrar, an appropriate application is presented by the Bank for approval by the Nairobi Stock Exchange and Capital Markets Authority, which process would take about three months to complete, after which a fresh share certificate is issued in favour of the beneficiary.

Click Here  to download forms for Transfer Deed

 What is the process for replacing lost share certificates?

• A request for replacement must be in writing
• An Indemnity form for lost share certificates will be issued to the shareholder for execution in the presence of an Advocate / Notary Public.
• The Indemnity form should thereafter be mailed back to the Company together with a certified copy of the shareholder’s passport.
• A new share certificate will thereafter be issued and forwarded to the shareholder.

Click Here  to download forms for ‘Lost Share Certificate’ replacement forms

What is the process of replacing lost dividend warrants or cheques?

• The request for replacement must be made in  writing
• An Indemnity form for lost warrants will be issued to the shareholder for completion in the presence of a witness and returned to the Company together with the shareholder’s passport.
• Duplicate dividend warrants will thereafter be issued and paid in accordance with the shareholder’s instructions.

The process of issuing replacement share certificates and dividend warrants would take two to three weeks to complete.

Click Here to download forms for ‘Lost Warrant’ replacement forms

For more information on shares related matters, click Here to download the Shareholder’s Guide

For further queries on shares related matters, please contact the Shares Registrar on the following email address: shares@dtbkenya.co.ke