Section 153 : Transfer and transmission of shares of single shareholder company

1) In the event of death of the shareholder of a single shareholder company, his/her heir or the person acquiring the title to his shares shall acquire the right of shareholder, and such heir or person shall do all such acts inclusive of the transfer and transmissions of shares as the single shareholder can do under this Act. While making a decision to transfer and transmit shares, the person so acquiring the title shall make such decision in writing.

Provided, however, that if no heir to such shareholder is found, the Office shall appoint a liquidator and liquidate the company in accordance with the prevailing law.

2) A person acquiring the title to shares pursuant to Sub-section (1) shall give information thereof, accompanied by the evidence of such title, to the Office no later than one month after the acquisition of such title.

3) On receipt of the information as referred to in Sub-section (1), the Office shall record the information by collecting the prescribed fees and give information thereof to the person who acquires the title to shares.

4) Where the number of person acquiring the title to shares pursuant to Sub-section (1) is more than one, they shall be considered to be the directors of company for the time being, except where the other heirs transfer the title to only one heir, and the memorandum of association and articles of association of the company shall be amended on that basis.

Provided, however , that where there arises a question of entitlement, such matter shall be governed by a judgment of the competent court.