Among the services that Midclear provides is the management of the shareholders registry, according to Law number 308 enacted by the Lebanese Parliament on 03/04/2001. This Law stipulates in its Article one that all bank shares shall be registered and its shareholder register managed by Midclear SAL. In addition. Midclear acts as registrar for some commercial companies and some Common Placement Funds, either listed or not listed on the Beirut Stock Exchange. The Registrar function includes the following responsibilities:
Midclear receives an original copy of the official documents issued by the court, and transfers the shares to the heirs or beneficiaries accordingly.
The member representing the pledgor delivers to Midclear the original copy of the Pledge Agreement and awaits for a confimation from Midclear stating that the Pledge was executed. The shares shall only be unpledged when the beneficiary of the Pledge (pledgee) instructs Midclear to free the shares.
Midclear receives direct instruction from the court to freeze the shares and executes the order according to the procedures defined by the Law. According to Article 889 of the Law, Midclear reports directly to the court the details of the freeze.
Midclear is able to freeze any account if it relates to a certain guarantee, especially the Locked Inshares placed in guarantee for the responsibility of members of the Board of Directors. Midclear issues a statement confirming the freeze of the shares upon the member request, and after submitting the required documents.
Midclear issues a Statement of Ownership upon the member’s request, in some cases, the shareholder’s original request may be required by Midclear.
NB: Requests to obtain a statement of Ownership is made through email to the Registrardept@midclear.com.lb
Midclear provides a list of the shareholders to the issuer for the attendance of the General Assembly Meetings stating the names and number of shares and votes for each shareholder.
NB: Requests to obtain such lists is made through email to the Registrardept@midclear.com.lb