Shareholding in an OMC

B

Blackrock1

Registered User
Messages
1,494
Hi all,

I am a director of an OMC for a small estate. We only recently realised that the developer still held the shares so he has completed a form B5 to transfer the shares to me and a fellow director.

I assume what should happen then is that we need to allocate the shares out to each home owner in an equal share?

And if and when they sell they need to transfer their share to the new owner?

Is this how its normally done?
 
I don't think so. The management company is a legal entity that holds the shares. Not any individuals.
Could be completely off on this. Interesting question
 

Companies limited by guarantee

Often a source of confusion, this guide to what constitutes a company limited by guarantee should help.
www.accaglobal.com

A company limited by guarantee is just a limited company, but with the obvious difference to the usual company entity of there being no share capital. The company's members are guarantors rather than shareholders.
Click to expand...
 
Blackrock1 said:
this company already has share capital tho.
Click to expand...
Is it possible to convert it to a CLG?

Re-Registration

LTD to Designated Activity Company Companies may wish to under take this procedure where, unwittingly, they became an LTD by operation of law on the 30th November, 2016 or perhaps circumstances have changed and they now need to specifically state a main objects clause. This could be because they...
www.formations.ie
 
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