Changing Parties in a Share Allocation
This article explains how to edit the parties involved in a share allocation. Changing parties in an allocation does not constitute as a share transfer. This action may be required, for example, to include newly appointed trustees in a share allocation held by a trust.
Another common reason for changing parties in a share allocation in Connectworks is to remove duplicate company profiles from your firm's contacts list (imported from the Companies Office) and link the share allocation with the Client profile of the company instead.
To change the parties in a share allocation:
1. Navigate to the company's workspace, then to the Shareholders tab.
2. Select the Shareholdings tab at the top of the page.
3. Select the tick-box of the allocation that requires updating. In the slide out panel that appears on the right, next to the section Title holders (owners) select update.
4. Add parties:
In the subsequent Manage shareholding parties form search your existing contacts for the person/entity to be included in the allocation.
If no results appear, select Other person or Other organisation and complete the new shareholder information.
Multiple individuals can be assigned to a single share allocation in this form by simply continuing to search & add parties to the allocation.
5. Remove parties:
If applicable, enter a retirement date for the individual and then select the remove link.
After adding and/or removing the parties as necessary, select Update and Close and the share allocation will be saved with the new information recorded.