Section 126 — Transfer of shares in private companies

(1)Despite anything in its constitution, a private company must not lodge a transfer of shares unless a proper instrument of transfer has been delivered to the company, but this section does not affect any power to lodge a notice of transfer of shares in respect of any person to whom the right to any shares of the company has been transmitted by operation of law.[36/2014]

(2)Where there has been a transfer of shares, a private company must lodge with the Registrar notice of that transfer of shares in the prescribed form.[36/2014]

(3)A transfer of any share in a private company on or after 3 January 2016 does not take effect until the electronic register of members of the company is updated by the Registrar under section 196A(5).[36/2014]