The Companies and Allied Matters Act, 2020 applies to this document. Note that after the certificate has been issued, the company is required to enter the names of new shareholders in the company's register of members. The company should issue the share certificate to the named holder of the shares and keep a copy for record purposes. The certificate should be signed by one director and one secretary of the company. This means that the old requirement of issuing share certificates under a company's common seal only has been modified. After filling this form, the document should be printed on a thick paper (the papers usually used for printing certificates).Īccording to the law, a share certificate may be issued either under the company's common seal or signed by a deed. The law provides that share certificate must be issued within 2 months after new shares have been allotted or within 3 months after shares have been transferred to another. if a share certificate, which has been previously issued, is lost or defaced.when the shares of a dead shareholder have been transmitted to a beneficiary or.when shares have been transferred to another by way of sale or gift.This document is used in the following circumstances: Note that this document can not be used by a company limited by guarantee as this type of company does not have shares. The name of the company must end with "Unlimited". Consequently, members of an unlimited liability company will be held responsible for all the debts of the company until the debts are fully paid and there is no extent of liability. An unlimited liability company is a company that has no restriction on the responsibility of the members of the company. The name of the company must end with "PLC". There is no limit to the membership of the company. This is similar to the private company limited by shares but it can invite the members of the public to subscribe to its shares (that may be listed on the Nigerian Stock Exchange). The name of the company must end with "Limited". This type of company does not offer its shares to the members of the public. This means is that in the event of winding up, the members are only liable to pay such amount of unpaid shares (if any). The liability of the members is limited by the shares the shareholders hold in the company which remains unpaid. This document can only be used by the following type of companies:
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This document includes the name of the company and registration number of the company whose shares is being issued, the certificate number, the particulars of the holder(s) of the shares, the class(es) of shares being issued, date of issue, the amount paid on each share etc.
The share certificate is often issued by companies to shareholders after an allotment has been made or after a transfer or transmission of shares. A Share Certificate is a written document which serves as a legal proof of a shareholder's ownership of shares in a company.
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