TRANSFER AND TRANSMISSION OF SHARES #7 
by a bank or a firm of standing. When one of the parties 
to a transfer is illiterate or infirm, and has executed the deed 
by making his mark, the attestation should state that the 
document has been read over and explained to the party, 
and that it appeared to have been understood by him 
‘see Appendix F, Form 21); in a case of the kind there 
should be two witnesses, one of whom should be a doctor, a 
justice of the peace, a clergyman, a solicitor, or some other 
person of standing. The wife or husband of a transferor or 
transferee should not be accepted as a witness. Neither 
should the attestation by one of the parties to the transfer 
to the signature of the other be allowed. The address and 
occupation of a witness should be specified. The description 
of a witness, ‘clerk,’ or ‘married woman,” may be accepted, 
although the correct form should be ‘clerk to , ‘wife 
of .” In the case of a divorced woman the correct 
description is ‘single woman.” If a witness has signed in the 
wrong place, it may be accepted if the intention is clear. 
The same witness may attest both signatures. A transferee 
who is also a transferor need sign only once. 
Surviving holders in a joint account need not be so described 
on transfers. When shares are being sold by executors 
in their capacity of executors they should be so described 
in the transfer. But if they have been registered in their 
personal capacity, a transfer should not be accepted if they. 
as transferors, are described as ‘executors of . . . deceased. 
More than one account (e.g. two or more sellers to the same 
buyer) should not be allowed on the same transfer form; 
nor is it desirable to accept transfers of more than one class 
of shares or stock on the same transfer form. 
As regards the proper stamps on transfers, these will be Stamps 
found in the Inland Revenue Circular, dated January 1927 
(see Appendix A). It must be remembered that, by s. 17 of 
the Stamp Act, 1891, ‘if any person whose office it is to enrol, 
register, or enter in or upon any rolls, books, or records, 
any instrument chargeable with duty, enrols, registers, or 
enters any such instrument not being duly stamped, he 
shall incur a fine of ten pounds.” This makes it incumbent 
upon the secretary to satisfy himself that transfers are 
properly stamped. If the consideration accords with the 
market price, and the stamp with both, there is no difficulty. 
If the stamp accords with the consideration, but the con- 
sideration is less than the market value, but near it, the 
secretary cannot be expected to do anything further. If 
the difference is considerable the transfer should be refused