If a shareholder who is also a beneficial owner passed away and an Administrator or Executor has been appointed, the beneficial ownership information must be updated with the Administrator or Executor’s name.
The name remains until the shares of the deceased has been transferred after the division of the deceased’s property. Once the shares have been transferred to the new legal owner, the company must issue a notice under section 60C of the Companies Act 2016 to determine who the new beneficial owner is.
If the Administrator or Executor is yet to be appointed, the name of the deceased will remain in the register. The name of the deceased will remain in the register of beneficial owners until an Administrator or Executor is appointed.
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