Explain the following term/concept.
Transmission of shares
(a) Transmission of shares means the transfer of shares by operation of law, ie shares of a member is automatically transferred to another person.
(b) Transmission of shares happens on a specific event such as death, insolvency, or insanity of shareholders. There is only one party i.e. legal heir who initiate the process of transmission. The legal heir or official receiver need not pay any consideration for the shares. Original liability of the member continues in case of transmission.