• US Legal Forms

Change Shares To Beneficially Held In King

State:
Multi-State
County:
King
Control #:
US-0034-CR
Format:
Word; 
Rich Text
Instant download

Description

The Change Shares to Beneficially Held in King form facilitates the amendment and restatement of a corporation's Articles of Incorporation, crucial for ensuring that the ownership structure accurately reflects shareholders' interests. It includes resolutions by shareholders and directors, authorizing necessary actions to effect these changes. Key features of this form include the authorization for corporate officers to execute documents, ensuring compliance with legal filing requirements, and ratification of prior actions taken by officers. This form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants as it streamlines the process of updating corporate documents, thereby reducing potential legal complications. Additionally, it provides structured guidance on necessary certifications and signatures needed to validate the resolutions adopted. Users should ensure accurate completion of each section and understand the implications of the resolutions for their organization. Editing the form involves careful review to align the amendments with corporate goals, emphasizing clarity and adherence to corporate governance standards.
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  • Preview Change Amount of Authorized Shares - Resolution Form - Corporate Resolutions
  • Preview Change Amount of Authorized Shares - Resolution Form - Corporate Resolutions

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FAQ

What is a shareholder's beneficial status? 'Beneficially held' means that the owner of the shares gets the direct benefit from the shares. Direct benefits include dividend payments. If the shareholder is not holding the shares on behalf of another person, organisation or trust, the shares are beneficially held.

Where any change occurs in the beneficial interest in such shares, the registered owner and the beneficial owner shall, within a period of 30 days from the date of such change, make a declaration to the company in MGT-4 and MGT-5, respectively in duplicate.

A term that refers colloquially to a corporation that has many shareholders. Usually the shares of a widely held corporation are traded on some form of public market, such as the Toronto Stock Exchange.

That means that you are now holding the shares as trustee for someone else, but would be changing ownership from that trust to you personally - that other person or trust therefore ceases the beneficial owner. The result would be a CGT disposal from the other person/trust to you at current fair value.

John is a beneficial owner of company X because he directly owns more than 25 percent of it. John is also a beneficial owner of company Z. As the majority shareholder of company X, he has a number of votes corresponding to the entire share of company X in company Z. It exceeds 25 percent.

What is a shareholder's beneficial status? 'Beneficially held' means that the owner of the shares gets the direct benefit from the shares. Direct benefits include dividend payments. If the shareholder is not holding the shares on behalf of another person, organisation or trust, the shares are beneficially held.

Registered owners (or record holders) receive a proxy and cast votes directly with the company that issues the shares. Beneficial owners, on the other hand, receive a “voting instruction form” directing their brokerage firm or other financial institution how to vote their shares.

The owner at law may not be the same person as the beneficial owner. A beneficial owner is a person entitled to the benefit of the land and on their death the equitable interest may not pass in the same way as the legal ownership does.

“Beneficially held” means the shareholder gets the direct benefit of owning the shares. “Non-beneficially” held means that the shareholder is holding the share "as trustee for" or "in trust for" a second entity such as a Trust, a company or another individual.

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Change Shares To Beneficially Held In King