Bearer shares were abolished with effect from 26 May 2015 by amendments to the Companies Act 2006 made by the Small Business, Enterprise and Employment Act 2015. Important points to note are:
- If your company has issued, or may have issued, bearer shares at any point in the past, steps must be taken now to check whether bearer shares have been issued and verify the most recent details held of the holders of the shares.
- Give notice to any bearer shareholder before 26 June 2015. Failure to give such notice is an offence by the company’s officers.
- Seek advice to ensure compliance with the timetable and notification requirements set out in the Act.
More details of the change to the law in this area are available here. For further details, please consult your usual Stevens & Bolton LLP contact.