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Transfer of Shares

Direct Transfers

Direct transfers (DTs) are stock transactions where a registered stockholder directly transfers his or her shares of stock to another known entity. Oftentimes, DTs result from "over-the-counter" buying and selling of shares. For the Company or transfer agent to register DTs, the parties should submit:

1.    Duly endorsed stock certificates,
2.    Deed of Sale or Assignment
3.    Proof of payment of the capital gains tax (CGT) which is normally borne by the seller. Effective January 1, 1998, the tax on net capital gains on sale of shares done outside the PSE is 5% if the net capital gain is not over P100,000 and 10% if P100,000 or more,
4.    Proof of payment of documentary stamps tax (DST) which is normally borne by the buyer, amounting to P1.50 for every P200 par value of shares or every fraction thereof,
5.    Certification from the BIR that transfer of shares may be effected,
6.    Specimen signature cards of stockholder (include Articles of Incorporation, By-laws and Board resolution on the Company's authorized signatories if the stockholder is a corporation) and (6) Transfer fees (P20 per cancellation and P100 per issuance, both are VAT exclusive).

Alternatively, direct transfers may be conveniently coursed through licensed stockbrokers who shall "cross" or reflect the transaction in the PSE trading floor. In such instance, the stockbroker arranges for the remittance of taxes. In lieu of the CGT, stockholders are charged the sales transaction tax equivalent to 1/2 of 1% of the market value of the shares. In addition, stock brokers normally charge commission for DTs.

Transfer of Shares Involving Minors

Transfer of shares owned by minors (persons below 18 years old) should be supported by a court order authorizing the transfer. A guardian cannot validly dispose of the property of a minor under guardianship without Court approval. This requirement also applies to shares registered "In Trust For" minors as beneficiaries.

Transfer of Shares of Deceased Persons

Transfer involving the shares of a deceased stockholder may be effected either judicially or extra-judicially.

a.    Judicially. The heirs should submit the following:
1.    The Order of Partition approved by the Court, indicating the manner of division of the Estate among the surviving heirs,
2.    Stock certificates of the decedent, and
3.    Transfer fees (P20 per certificate cancelled and P100 per certificate issued, both are VAT exclusive).
b.    Extra-judicially. The heirs should submit the following:
1.    Deed of Extra-judicial settlement,
2.    Death certificate of stockholder,
3.    Certification from the BIR on the full payment, or exemption of the estate tax. Said tax is imposed on the right to transfer property by death levied on the decedent's estate,
4.    Affidavit of publication evidencing that the extra-judicial settlement of the estate was published in a newspaper of general circulation,
5.    Stock certificates of the decedent, (6) Transfer fees (P20 per certificate cancelled and P100 per certificate issued, both are VAT exclusive), and
6.    Two-year heir's bond submitted to the Register of Deeds, should the heirs wish for the immediate transfer of the shares. Otherwise, transfer will only be made two years from submission of the aforementioned requirements.

The heirs should also submit all unencashed dividend checks named to the deceased stockholder for these to be replaced in the same manner the shares were partitioned.