STATUTORY COMPANIES 
201 
the amount of the interest therein possessed by them respec- 
tively to be entered in a book to be kept for the purpose, and 
to be called “ The Register of Holders of Consolidated Stock”; 
and such book shall be accessible at all reasonable times to the 
several holders of shares or stock in the undertaking.’ 
Trusts should not be recognised by a statutory company, 
whether by any entry in the register or in any other manner 
see s. 20]. 
As regards transfers, subject to any provision in the special Transfers. 
Act, shareholders have an absolute right of transfer [s. 14], 
subject to all calls due on the shares having been paid, and 
subject also to the restriction that, when a call has been 
made, the shares cannot be transferred until it has been paid 
fs. 16]. 
Transfers must be by deed; the deed must be duly stamped 
and the consideration truly stated [s. 14}. Although a 
statutory form of transfer is scheduled to the Act, the 
common form of transfer (Form No. 16) is generally used and 
invariably accepted. There is thus practical uniformity 
in the form of transfers, whether a company be a statutory 
company or not. 
As to debenture bonds, the Companies Clauses Act, 1845, 
authorises the borrowing of money on mortgage or bond 
[s. 38], and the succeeding clauses define the form of the 
bond and register and also define the form of transfer, which 
differs from the common form used for stocks and shares. 
I, AB. of in consideration of the sum of 
paid by G. H., of do hereby 
transfer to the said G. H. his executors administrators 
and assigns a certain bond number made by 
the Company to bearing 
date the dav of for securing the 
sum of and interest (or if such 
transfer be by endorsement ‘the within security’) and 
all my right estate and interest in and to the money 
thereby secured. In witness whereof I have hereunto 
set my hand and seal, etc., etc. 
The creation of debenture stock in place of the borrowing 
by mortgage or bond was allowed by the Companies Clauses 
Act, 1863 (Part III). 
A good many companies still exercise their borrowing 
powers by the issue of debenture bonds, and it should be 
particularly noted that the common form of transfer does 
not apply to these. 
Bonds.