Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIII. Statuory companies

Collection:: Economics Books

Transfers. 302 SECRETARIAL PRACTICE The duties of the secretary, upon a duly executed deed of transfer being delivered to him, are prescribed by s. 15, and are as follows: — I. He must keep the transfer; 2. He must enter a memorial thereof in a book to be called the ‘register of transfers’; 3. He must endorse such entry on the deed of transfer ; 4. He must, on demand, deliver a new certificate to the purchaser; 5. He may, for every such entry, together with the endorse- ment and certificate, demand a sum not exceeding the prescribed amount, or if no amount be prescribed [s.e. by the company’s special Act] a sum not ex- ceeding 2s. 64. He must, if the purchaser requires it, instead of giving a new certificate, make and sign an endorsement of the transfer on the old certificate; the old certificate with the signed endorsement is equivalent to a new certificate. As regards the above, the duty of endorsing the deed of transfer seems hardly necessary in the days of certificates, and it has been suggested that it was inserted inadvertently in the Act of 1845. A private Act of 1801, authorising the construction of a railway from Wandsworth to Croydon ‘41 Geo. III. c. xxxiii.) required the endorsement on ‘deeds of conveyance’ of shares in the undertaking, which deed was to be kept by the purchaser ‘as his security,” certi- ficates not having then been introduced. It is the modern practice to issue a new certificate and not to endorse the old certificate. The legal interest in the shares transferred passes to the purchaser upon the delivery of the transfer, duly executed, to the secretary. The duties of the secretary as regards certification, scrutiny of the transfer, and of any power of attorney lodged, will be substantially the same as in the case of a company under the Companies Acts. He must, in short, satisfy himself that the deed of transfer is ‘duly executed’ and in order in every detail. If he returns the transfer be- cause of some failure to comply with the provisions of the Act, it is deemed not to have been delivered and therefore not to pass the legal interest [Nanney v. Morgan, 37 C.D. 346]. There are, however, some special points in which, owing to the provisions of the Companies Clauses Act, 1845, the secretary of a statutory company cannot follow the practice

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