TRANSFER AND TRANSMISSION OF SHARES 65
sut juris and entitled to the whole beneficial interest in the
shares, his personal obligation is not confined to the extent
of the trust property [Hardoon v. Belilios (1901), A.C. 118].
This right to an indemnity cannot be enforced while it is
uncertain whether calls will be made [Hughes-Hallett v. Indian
Mammoth Mines (1882), 22 Ch. D. 561], but can be enforced
if there is evidence that calls will be made [Hobbs v. Wavyet (1887
36 Ch. D. 256].

Reference has to be made to the share register more often
probably than to any other statutory book of the company,
but prior to the Act of 1928, there was no statutory obligation
to keep an index to the register. Now under s. gb of the Act
of 1929 every company having more than fifty members
must, unless the register is in such form as to constitute
in itself an index, keep an index (which may be in the form
of a card index) of the names of its members. The index
must enable the account of each member in the register
to be readily found, and in the event of any alteration in
the register of members, the company must, within 14 days
thereafter, make any necessary alteration in the index.

It is often a source of trouble to the secretary to find a simple
and reliable method of index to the register, and at the same
time, especially in companies having an extensive register, a
method whereby reference to the register itself is minimised
by the recording of the various notes relative to any particular
account in such index. Probably the most usual form is
for the register to contain all the necessary particulars, in-
cluding not only the address of the shareholder as originally
registered, but also the various changes of his address from
time to time, together with a note as to payment of dividend,
and special instructions as to the sending of reports and
statements, notes with regard to orders of Court, notice in
lieu of distringas, powers of attorney, etc., with a simple
index of the name with the folio in the share register.

This method is doubtless sufficient in a small company
where the clerk handling the books readily acquires an
intimate knowledge of the accounts, and can turn up any
particular account without delay; but on a big register it
is very cumbersome, and does not lend itself to ready handling
when there is work in hand requiring a considerable staff or
urgent completion. Loose-leaf registers which already are
widely used by companies of any size will probably be used
by an increasing number of companies in the future in view of
the requirements of ss. 96 and 108 of the Act, as thereby
the register can be kept in absolute alphabetical order To

Index to
Share
Register.