Grundsätze der Volkswirtschaftslehre

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Monograph

Identifikator:: 832651257

URN:: urn:nbn:de:zbw-retromon-63075

Document type:: Monograph

Author:: Devas, Charles S. http://d-nb.info/gnd/124362435

Title:: Grundsätze der Volkswirtschaftslehre

Place of publication:: Freiburg

Publisher:: Herder

Year of publication:: 1896

Scope:: 1 Online-Ressource (XXIII, 521 S.)

Collection:: Economics Books

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TRANSFER AND TRANSMISSION OF SHARES 83 If a mortgagee of shares, holding a transfer in blank, pur- ports to sell them, and hands over to his purchaser the transfer still in blank, the fact that it is in blank affects the purchaser with notice, and he gets no better interest than his vendor (the mortgagee) had [France v. Clarke (1884), 26 Ch. D. 257]. But if the mortgagee himself fills in the transfer, his transferee, provided he be a bond fide purchaser for value without notice, will get a complete title to the shares [Easton v. London Joint Stock Bank (1887), 34 Ch. D. 95]. A forged transfer gives no rights to the shares to the alleged transferee [Barton v. London & North-Western Railway (1889), 24 Q.B.D. 77]; but where a company acting on a forged transfer has issued a certificate in the name of the transferee and this has been passed on to a bond fide holder for value, the company is estopped by its certificate from denying that the person named in such certificate is the proprietor of the shares, and he is entitled to damages against it [Balkis Co. v. Tomkinson (1893), A.C. 396]. The Court will order the Company to rectify its register where it has acted on a forged transfer [re Bahia Railway (1868), L.R. 3 Q.B. 584]. By the Forged Transfers Acts, 1891 and 1892 (54 & 55 Vict. c. 43; 55 & 56 Vict. c. 36), companies may make compensation for losses arising from forged transfers, or transfers under forged powers of attorney. Whether or not a company by its articles adopts the Acts, or whether or not by resolution it does so, none the less the Acts apply; and even although the Acts have been adopted by the articles, or by resolution, there is not the least obligation on the company to make any compensation whatever. The compensation is payable out of the company’s funds, and the company may, if it pleases, establish a compensation fund by charging a fee on transfers, not exceeding one shilling per £100 transferred, or by insur- ance, or reservation of capital, or accumulation of income, or in any other manner. The object of the Acts is to enable a company to benefit a purchaser who finds himself deprived of his shares owing to the registration of a forged transfer, or a transfer under a forged power of attorney. If a company pays compensation under the Acts, the rights of the person compensated against the person who has caused the loss are transferred to the company. To provide for the cases of the death, bankruptcy, or insolvency of a member, a transmission clause is almost invariably inserted in the articles. It must be remembered that transfer and transmission are two distinct things. Trans- mission occurs on death, bankruptcy, &c., when the power of transfer no loneer exists. and secures that there shall Forged Transfers. Transmission

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