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What is a nominee arrangement?

A nominee agreement is an arrangement between two parties where one person consents to acting as a director, secretary or shareholder for a company which is owned by someone else.

What is the role of a nominee?

What is the Role of the Nominee? Nominee is an important person; he or she has no rights over the money or shares unless that is specified under the will or the nominee happens to inherit the money. So as such a nominee is a mere custodian of the Shares.

What is the difference between a nominee and a custodian?

In the vast majority of cases, all these securities are held in the name of your broker's nominee company. A nominee company is a custodian charged with the safekeeping of investors' securities. This means that while the nominee is the legal owner of the securities, you retain actual ownership as the beneficiary.

What is a deed of nomination NZ?

Deed of nomination with vendor consent. An agreement that provides for a purchaser under a contract to nominate someone else to be the purchaser in their place, with the consent of the vendor. The new purchaser (Nominee) agrees to perform the obligations of the purchaser under the contract.

What does and/or nominee mean?

By using the phrase 'and or nominee' after the name of a purchaser, allowed one party to sign the physical contract for the purchase of land, whilst reserving the ability to register the actual owner of the property recorded on the title deed in another.

Who can be a nominee in a bank account?

You can appoint a nominee for your bank account, fixed deposit, deceit account, or even your house. A nominee can be a family member or a friend or any other person whom you trust. You need to choose a nominee with care as the person needs to be reliable enough to take care of your assets in the event of your death.

Who Cannot nominee?

4. Who can appoint a Nominee? Only individuals holding accounts either singly or jointly can make nomination. Non individuals including society, trust, body corporate, Karma of Hindu Undivided Family, holder of power of attorney cannot nominate.

How do I get a nominee for my property?

To make it simpler, the nominee is only a caretaker of the property and not the owner of the property. He/she will only hold the asset as a trustee and will be legally bound to transfer the property to the legal heirs. A society member can make a nomination which can be cancelled at any time.

What are the rights of a nominee?

A nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy money in the event of a claim by the assured's death. The nominee does not get any other benefit except to receive the policy money on the death of the Life Assured.

Will a nominee inherit your assets?

According to law, a nominee is a trustee and not the owner of the assets. In other words, he is only a caretaker of your assets. The nominee will only hold your asset as a trustee and will be legally bound to transfer it to the legal heirs. For most investments, a legal heir is entitled to the assets of the deceased.

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