TRANSFER AND TRANSMISSION OF SHARES 75
transfer has been lodged for registration subject to the
approval of the board. Form of receipt to be used
when the transfer is handed in over the counter, and
when it is sent by post, will be found in Appendix F
(Form 19). This form is, it will be observed, bound as a
book with counterfoil.

A rubber stamp should be used to stamp each transfer
for the purpose of recording the various operations con-
nected with it, and the records should be duly made from
time to time until they are complete. A specimen Stamp is
given in Form 20.

Upon receipt of a transfer for registration, the signature of
the transferor should be carefully compared with the record
in the office and a notice should be sent to the transferor
stating that the transfer has been lodged, and that, unless
objection is received, it will be assumed to be in order. A
Form of Notice is given in Appendix F (Form 18). This
will be unnecessary where a notice was sent on certifica-
tion. If the transferor is a corporate body, the notice should
be sent to the corporation, or in accordance with its articles.
In the case of joint holders, it should be sent to every holder.

The registration of transfers is, subject to the articles, a
matter for the board, for whose approval they must be
submitted. But before the transfers are submitted to the
board for approval they should be carefully scrutinised by
the secretary or his responsible deputy with a view to seeing—

That the transferor’s name, address, and description is in
exact accord with the register;

That the consideration money bears its proper relation to
the fair and reasonable market value of the stock or
shares transferred;

That the transferee’s full name, address, and description
1s clearly entered therein;

[f the capital of the company is divided into two or more
classes of shares or stock, that the class of shares specified
in the transfer is the same class as that comprised in the
certificate.

That the number of shares or amount of stock is written in
correctly in words;

That in the case of shares the distinctive numbers are
clearly entered and agree with the numbers appearing
on the certificate and with the number of shares to be
transferred;

That the name of the company is correctly given;