12.9.7 (Distinction between Transfer and Transmission)

The following are points of distinction between transfer and transmission  of shares.

            (i)         Transfer takes place by a voluntary and deliberate  act of the transferor while transmission is the result of operation of law.

            (ii)        In case of transfer, the transferor and  the transferee have to execute  an                 instrument of transfer, while the shares are transmitted  on the death,  insolvency of a member and instrument of transfer is not  required;   only a proof of his title to the shares is required.

            (iii) Transfer is the normal method of transferring  property in the shares, whereas transmission of shares take place only on death, insolvency of a shareholder.