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Thread: DECEASED MEMBER'S SHARES IN A DE-REGISTERED CLOSE CORPORATION TO BE REINSTATED

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    DECEASED MEMBER'S SHARES IN A DE-REGISTERED CLOSE CORPORATION TO BE REINSTATED

    This is the story: 2 x 50/50 members in a property owning CC.
    1 member died in 2009
    His deceased estate did not transfer his shares into the name of the executor or deceased estate.
    In 2011, the CC was de-registered due to non submission of financials (with the original 2 members names)
    Now, we are in the process of reinstating the CC in order to sell the immovable property owned by the CC.
    On the form requesting reinstatement, it asks who the members are - is it the original member (now deceased) or the executor or the deceased estate?
    If the answer is either the executor or the deceased estate, how can the name change be explained to CIPC when no changes are possible while the CC is deregistered? By the same token, if the answer is the original member (now deceased), how can a deceased person be a member of a CC?

    Highly confused!!!! Help please?

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    It is the deceased member. Reinstatement is more administrative than factual.

    Immediately after, the deceased member must "resign". The executor signs the resignation accompanied by the death certificate and executor letter.

    If this is a manual application, submit them at the same time.

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    karinnorth (13-Jun-15)

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    Thank you "Clive-Triangle", that clears up that query!

    Please could you further advise me on the following:- Once the deceased member has "resigned" (with the executor signing of his behalf), would the shares then be then transferred into the personal name of the Executor, (as representative of the deceased estate) or into the name of the deceased estate itself, i.e. "Estate Late XYZ"?

    I would appreciate your assistance - thanks!

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    Into the name of the Executor. The Act requires that only natural persons and special trusts can be members.

  6. Thanks given for this post:

    karinnorth (15-Jun-15)

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