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  • Resolution No. (11) for 1999 in Respect of the Transfer of Shares Ownership Application Signed Outside the Bahrain Stock Exchange's Premises

    The Chairman of the Board of Directors:

    After perusal of Decree Law No. (4) of 1987, pertaining to the establishment and organization of the Bahrain Stock Exchange;

    And the Minister of Commerce & Agriculture's Resolution No. (13) of 1988, concerning the issuance of the Bahrain Stock Exchange's Internal Regulation;

    And the Minister of Commerce & Agriculture's Resolution No. (8) of 1993, amending certain provisions of the Bahrain Stock Exchange's Internal Regulation;

    And the Minister of Commerce & Agriculture and Chairman of the Bahrain Stock Exchange's Board of Directors' Resolution No. (2) of 1990, amending Article (54) of the Bahrain Stock Exchange's Internal Regulation;

    And upon the submission of the Director of the Bahrain Stock Exchange;

    And upon the proposal of the Bahrain Stock Exchange's Board of Directors;

    RESOLVED AS FOLLOWS:

    • Article One

      In cases of transactions exempted from trading on the Exchange's Trading Floor, the owner of shares who is unable to attend the Exchange's premises for reasons of old age, sickness, or any other reasonable cause, may sign the transfer of ownership application and the undertaking in accordance with the attached form, provided that the value of shares to be transferred does not exceed BD300.000.

    • Article Two

      In cases where the value of the shares to be transferred exceeds the amount stipulated in the aforesaid Article, the transfer of securities form shall be signed in the presence of a Bahrain Stock Exchange representative, who shall endorse the application and the standard form. The Exchange representative's transportation cost amounts to BD5.000 shall be paid in advance, in addition to the Exchange's commission.

    • Article Three

      The Exchange's staff in charge shall assess the cases of disability, sickness and any other reasons preventing the presence of the concerned person at the Exchange's premises. He shall give the transfer application form and a copy of the attached standard form if any of the above reasons have been satisfied. The designated staff shall have the right to decline any request for transfer if he believes that this would be in the public interest, and will maintain in his opinion the accuracy, soundness and efficiency of transactions and will avail the protection for the clients.

    • Article Four

      The provisions of this Resolution shall be applicable to all transactions exempted from being traded on the Exchange's Trading Floor premises, provided for in Article No. (36) of the Internal Regulation issued by the Minister of Commerce & Agriculture's Resolution No.(13) of 1988, and which has been substituted by Resolution No. (8) of 1993, provided that the owner of the shares who wishes to transfer ownership of his shares is resident in Bahrain.

    • Article Five

      The Director of the Bahrain Stock Exchange shall implement this Resolution from the date of its publication in the Official Gazette.

      Minister of Commerce
      and Chairman of the Board of Directors
      of the Bahrain Stock Exchange

      Issued on 20 Ramadhan 1420 H
      Corresponding to 28th December 1999

      ACKNOWLEGEMENT

      I the undersigned........................................./................................. national. Holder of passport No.........................,acknowledge that I have assigned my below-detailed shares to....................................................... .

      And I have no objection to register the same in his name with all their rights, as transactions exempted from trading in the Trading Floor. I also discharge The Bahrain Stock Exchange from any legal responsibility or claim that may emerge as a result of transferring the ownership of these shares.

      SHARES' PARTICULARS:

      Certificate Number Name of the Company Shares' No.
      1-...................... ........................... ................
      2-...................... ........................... .................
      3-...................... ........................... .................
      4-...................... ............................ ................

      Signature:..............................

      CPR. No.:..............................

      Date:....................................

      First Witness

      Name:.....................................

      CPR No.:.................................

      Date:.....................................

      Second Witness

      Name:...................................

      CPR No.................................

      Date:......................................

      ACKNOWLEDGEMENT AND UNDERTAKING OF TRANSFEREE:

      I the undersigned................................/ national of..................

      Holder of passport No................../CPR No....................., acknowledge that the above mentioned person had signed this acknowledgement in front of me, and I undertake to bear all legal responsibilities resulting from the transfer of these shares to me. And I also undertake to repay the value of the transferred shares if such value is claimed.

      Signature:............................

      Name:.................................

      CPR No.:..............................

      Date:...................................