Transferring shares in a public company the old way
I just had to mail share certificates back to the UK in order to transfer the share holdings to a family member. I started this process a couple of weeks ago with finding out how to comply, filling in forms and walking to the post office to mail what is in reality, a high value piece of paper with almost no authentication protection, back to the UK.
If someone maliciously intercepted that mail, I don't see how one could stop them re-writing the transfer form and taking ownership of that shareholding!
The registrar in the UK will then have to re-issue the share certificates and mail them to the new owner. There is no stamp duty payable on this transaction because no money is changing hands.
And @apshamilton was able to quickly and easily set up his own share ownership system for JPB Liberty with a couple of keystrokes wherein I could just type the name of a new owner for my shares and it would be verifiaby transferred! This truly is starting to look like a revolutionary system. Steem-engine
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Yes, its amazing how easy and quick the Steem Engine token system is. Note that the SUFB tokens are a share in the damages in the class action, not shares in JPB Liberty the company. But the comparison is still apt.
It's exactly the same principle, perhaps I can reword. I was just thinking, however, this sweeps away the entire Stamp Duty system.
Depending on exactly how the Stamp Duty law is worded it might. However I’m sure governments will try to recover the lost revenues.
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