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Affidavit by Legal Heirs for Transmission of Shares (Sample)

Transmission of shares means transfer of shares by operation of law. In simple words, it means transfer of shares from a deceased person to a live person by carrying out necessary legal processes.

affidavit by legal heirs of a deceased shareholder for transmission of shares
An affidavit from the applicant (legal heir) for transmission of shares in the name of the applicant may be asked where there is no probate/ succession certificate / letters of administration/ Will / court decree.

The affidavit is to be executed on Non-Judicial Stamp Paper and should be duly attested either by Special Executive Magistrate (SEM) or Oaths Commissioner or Notary Public. The amount of the Non-Judicial Stamp Paper depends upon the stamp duty laws of respective states.


Here is an affidavit by legal heirs of a deceased shareholder for transmission of shares.

TEMPLATE

AFFIDAVIT

I/We, the below named, is/are son/ daughter/ wife/ legal heir(s) of (Name of the Deceased)

Sl. No.  | Name of the Legal Heir |  Age |  Residential Address |  Relationship with the Deceased
1.
2.
3.

do hereby solemnly affirm and declare as under:

1. That the Late ..........................., the deceased, was holding a total of (number) shares in ..................... Limited of the following description:

Folio No.  |  Certificate No/s.  |  Distinctive Nos.  |  No. of Shares


2. That the Late ..........................., the deceased, expired on (Date of Death) at (Place of Death).

3. That the Late ..........................., the deceased, expired intestate leaving behind him/her all the following legal heirs:

Sl. No.  | Name of the Legal Heir |  Age |  Residential Address |  Relationship with the Deceased


4. That according to the law of Intestate Succession applicable to him/her by which he/she was governed at the time of his/her death, the person(s) mentioned hereinabove is/are the only heir(s) of the deceased and that no other person(s) has any right, title, interest, claim in or to the said assets / estate of the deceased.

5. That I/we are entitled to inherit solely/jointly the aforesaid securities held by the deceased under the Hindu Succession Act, 1956.

6. That the Late ..........................., the deceased, has not sold, transferred, pledged or otherwise disposed off the aforesaid securities.

7. That the aforesaid securities were the separate and self-acquired property of the Late ..........................., the deceased.

8. That I/we have already executed indemnity bond for transmitting the aforesaid securities held by the deceased in my/our name without production of Succession Certificate/ Probate of Will/ Letter of Administration (LoA).

9. I/We am/are executing this declaration to be submitted to the concerned authorities of the company i.e. ....................... Limited and to request the company to transmit the shares in my/our name(s) in the books/register(s) of the company.


VERIFICATION

I/We hereby state that whatever is stated herein above is true to the best of my/our knowledge and belief. None of them or any part of them is incorrect and that nothing has been concealed therefrom. 

Solemnly affirmed at ................. on this ...th day of (Month), 20xx.

(Name and Signature of the Legal heir/s)
1. .............................................................
2. .............................................................
3. .............................................................

Deponent/s

Identified by me 
 Advocate

Before Me
S.E.M./ Oaths


________________________

IMPORTANT NOTES

1. The Non-Judicial Stamp Paper must be purchased in the name of the account holder.
2. The Affidavit has to be signed and affirmed by all the applicant(s) in the presence of the abovementioned authorities.
3. Legal heirs should ensure that the date of issue of stamp paper/date of franking on the stamp paper by the requisite authority is not more than 6 months before the date of execution of documents by them.
4. The date of execution of the Affidavit should be the same as the date of attestation by the Notary Public / First Class Magistrate.
5. The Affidavit should be executed by the legal heirs, maximum of only three legal heirs can apply for transmission.
6. Before signing, do get the Affidavit franked or affix Special Adhesive Stamps.

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