Section 24A: Transfer or issue of shares

24A. Transfer or issue of shares (1) Notwithstanding any other enactment, where the transfer of shares in a company or issue of new shares by a company gives rise to a right of R15 – 13 [Issue 7] Registration Duty Act ownership, occupation or usage in an immovable property or any part thereof to a person, the transfer or issue shall be in the form set out in the Third Schedule under the heading “C – Transfer or issue of shares in or by a company to a person”. (2) Any transfer or issue under subsection (1) shall be— (a) registered with the Registrar-General; and (b) subject to duty in accordance with section 24 relating to the Sixth Schedule, within the time limit specified in the second column of that Schedule. (3) (a) For the purpose of this section and subject to paragraph (b), the duty leviable shall be on the value of the immovable property or any part thereof in accordance with item 8 of paragraph J of Part I of the First Schedule, as appropriate. (b) Item 8 (2) of paragraph J of Part I of the First Schedule shall not apply to a transfer or issue under this section. [S. 24A inserted by s. 23 (i) of Act 26 of 2012 w.e.f. 22 December 2012.] PART IV – COLLECTION OF DUTY