After registering a company you’ll inevitably have to make some important decisions. One of the biggest questions you’ll have to answer is the procedure for the change of company shareholder in Cameroon. Shareholders of a company are the real owners of the Company. Shares are allotted to them based on the Company’s Share Capital. If a company wishes to a change shareholder in Cameroon and or transfer its shares to another person there are steps required by Law that she takes to make the change.
REASONS FOR CHANGE OF COMPANY SHAREHOLDER IN CAMEROON
There are many reasons why you may want or need to change a shareholder, ranging from internal management requirements to changes in legislation.
- Death of company shareholder
- Unpaid shares
PROCEDURAL FOR CHANGE OF COMPANY SHAREHOLDER
- Prepare an Application for Change of Shareholder on your Company letterhead addressed to the Trade and Personal Property Rights Registry.
- Prepare a Board Resolution removing the Shareholder.
- Prepare a Resignation letter to be signed by the outgoing Shareholder.
- Prepare a share transfer instrument.
- Print MO 2 Form and fill in the blank spaces.
- Photocopy all the Company documents; Certificate, Application Form, and the Memorandum of Association.
- Submit all the above-listed documents and the Director I.D. and await the Change.
CHECKLIST OF DOCUMENTS TO BE FILED FOR CHANGE OF COMPANY SHAREHOLDER
- Copy of the special resolution signed by shareholders
- Copy of the amended memorandum of association
- Copy of old memorandum of association
- M02 Form
The procedure to change shareholders is technical and strict and as such, it is advisable for the company board to brief the services of a corporate attorney/notary. The company board resolution must be drafted appropriately so the amended articles of associated expressly capture the changes.
Article by Barr. Mafany Victor Ngando
“The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstance”