Can Minors Hold Shares?

Kithsiri · 1 Can Minors Hold Shares? Mon Dec 19, 2011 4:01 pm

Kithsiri

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Can parents (or legal guardians) buy and maintain shares in the name of a minor ( < 18 ) as a sort of future investment (college fund)?
What does the law say?
Can an expert enlighten me please?

kaka · 2 Re: Can Minors Hold Shares? Mon Dec 19, 2011 5:17 pm

kaka

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i don;t think. they can't. after 53 do u want another minor Very Happy

Kithsiri · 3 Re: Can Minors Hold Shares? Mon Dec 19, 2011 5:22 pm

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kaka wrote:i don;t think. they can't. after 53 do u want another minor

They say; Older the Bull, Harder the Horn bounce

kaka · 4 Re: Can Minors Hold Shares? Mon Dec 19, 2011 5:23 pm

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Kithsiri wrote:

kaka wrote:i don;t think. they can't. after 53 do u want another minor

They say; Older the Bull, Harder the Horn

aheme

Tiger · 5 Re: Can Minors Hold Shares? Mon Dec 19, 2011 5:49 pm

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Experience speaks.......... affraid

Kithsiri · 6 Re: Can Minors Hold Shares? Mon Dec 19, 2011 5:55 pm

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On a serious note, is it not allowed and then why?
Any expert comments?

bakapandithaya · 7 Re: Can Minors Hold Shares? Mon Dec 19, 2011 6:02 pm

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I think minor can't have a shares. In case law it says any contract with minor is not valid. I think this may apply

Kithsiri · 8 Re: Can Minors Hold Shares? Mon Dec 19, 2011 6:17 pm

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bakapandithaya wrote:I think minor can't have a shares. In case law it says any contract with minor is not valid. I think this may apply

Thanks BP,
Any Lawyer in the Forum to shed more light (If Banks are allowed to maintain Minors accounts opened by parents / Guardians then why not shares) ?

Fresher · 9 Re: Can Minors Hold Shares? Mon Dec 19, 2011 11:24 pm

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http://www.cse.lk/270808/pdf/CDSRules/CDS-rules-december-2010.pdf

Section 4.1
"Participants may open Client Accounts in CDS on behalf of a body
corporate or a natural person, provided that in the case of the latter the
individual is of or over the age of 18 years."

DK · 10 Re: Can Minors Hold Shares? Tue Dec 20, 2011 9:07 am

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In case some one is asking why the minors cannot hold shares, please read the quiz at http://forum.srilankaequity.com/t14123-stock-basics-quiz#91419.

Kumar · 11 Re: Can Minors Hold Shares? Tue Dec 20, 2011 11:12 am

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DK wrote:In case some one is asking why the minors cannot hold shares, please read the quiz at http://forum.srilankaequity.com/t14123-stock-basics-quiz#91419.

Well said you spot it.

Light of Hope · 12 Re: Can Minors Hold Shares? Wed Dec 21, 2011 9:02 am

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what about warren buffet, he bought shares at 12 or 13. why our kids have the same opportunity

DK · 13 Re: Can Minors Hold Shares? Wed Dec 21, 2011 9:45 am

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May be you should get kids of your s to work just like Buffet did rather than sitting on their butts and trying to make money out of the stock market. Buffet makes money because he builds a business, not because he buys shares.