Secretarial practice

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Transfer and transmission of shares

Collection:: Economics Books

R84 SECRETARIAL PRACTICE be someone entitled to the shares held by the deceased, bankrupt, &c.—at any rate, in a representative capacity. The object of the transmission clause is that the representa- tive capacity shall be changed into a responsible capacity, as between the holder and the company, whatever may be the rights as between the holder and the beneficiary. In the case of companies under the Companies Acts, the circumstances in which persons entitled to shares in a repre- sentative capacity (e.g. executors) are entitled to be registered depends upon the articles of a company. One or two repre- sentative specimens of articles dealing with the subject may be taken as illustrations. Articles usually provide that the executors or administrators of a deceased sole holder of a share shall be the only persons recognised by the company as having any title to the share. The object of this clause is that the company shall not be concerned to go into questions as to who is, or is not, beneficially entitled. The company is to look to the legal personal representatives and to them alone. Table A provides that ‘any person becoming entitled to a share in consequence of the death or bankruptcy of a member shall, upon such evidence being produced as may from time to time be properly required by the directors, have the right, either to be registered as a member in respect of the share, or, instead of being registered himself, to make such transfer of the share as the deceased or bankrupt person could have made; but the directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by the deceased or bankrupt person before the death or bankruptcy.” Another very common form is that ‘any person becoming entitled, &c., upon producing such evidence that he sustains the character in respect of which he proposes to act under this clause, or of his title, as the directors think sufficient, may, with the consent of the directors (which they shall not be under any obligation to give,) be registered as a member in respect of such shares, or may, subject to the regulations as to transfer, transfer such shares.” The effect of the existing Table A is to entitle any such person, upon production of such evidence as the company may properly require, to be registered as a member, or to elect to have a nominee regis- tered as a transferee, after executing a transfer to the nominee. There is no very substantial variation between any of the above provisions, and the general result is that executors may, but need not, be registered as members. When a member dies, his estate remains liable to the com- pany. His name is on the register. In due course, probate

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation