boughtshares for grandson need the certifiate in both names not only his how to change?

Question

need the certificate in both names to trade.registra says this has to go thro the family divi of the high court is there no other way?

Answer 1

A very odd response, changing the name on the certificate is not that difficult. It sounds like the Registrar is trying to dodge some work.

The only reason I can think of to go to Court would be if your grandson is under 18 and/or a ward of court. Legally IN THE UK children cannot enter into contracts and cannot own shares in their own name. They can be listed as the second name on the share certificate (eg: "Grandma Davis for Master Davis") but legally the shares would belong to the adult.

The normal process to add your name to the certificate would both of you to sign a witnessed letter for the Registrar confirming that's what you want to do and that no money has changed hands (so no tax payable). However your grandson will be entering into a contract when he signs this letter. If he is a ward of court for some reason the court would need to give approval.

The other problem here is that it sounds like a mistake was made when the shares were bought. If you bought the shares they should have been registered in your name. The broker you used is required by law to indentify you and register the shares in your name. If they put the shares in your grandson's name that is a breach of money laundering laws and something the Regulators take very seriously. It is possible the Registrar has spotted that a mistake was made and wants to keep it quiet. However if you have proof that the shares were bought by you but registered to someone else you can force them to change the name.

Answer 2

If you had specified that the shares were a gift for your grandson a minor than a certificate would indicate your name as custodian for the minor UGMA (Uniform Gifts to Minors Act). The shares would be under yours till he/she reaches the age of majority...hate to burst the other guys bubble but on this it's still 21 years of age. If the shares are in your name only just send them to the registrar for that/those stock(s) and have them reregister in the UGMA format. Hope this helps.