STATUTORY COMPANIES

303

of the secretary of a registered company. Thus, if a transfer
be lodged for registration after the death of the transferor
and after probate or letters of administration have been
exhibited, it cannot be acted on, since (as appears below)
the names of the personal representatives of the deceased
transferor would already be on the register in their individual
capacities, and they alone would be entitled to deal with the
shares. And if the legal personal representatives of a deceased
proprietor have been duly registered, a transfer by them
should not be accepted if they are described as executors
or administrators, although in the case of fully paid shares
or of stock the fact that they are so described seems
immaterial.

It does not appear to be competent for a statutory com-
pany to make regulations as to such matters as allowing
more than one account on the same transfer form, or limiting
the number of holders in a joint account, or permitting
more than one account in the same name or names, or allowing
transfers of more than one class of stock on the same deed.
None the less there seems to be no reason why a statutory
company should not have its own practice in such respects,
and adhere to it until forced in individual cases to abandon it,

There is an important difference in the matter of trans- Trans-
mission between statutory companies and companies under mission.
the Companies Acts. By s. 18 of the Companies Clauses
Consolidation Act it is the duty of a secretary upon proof
of the transmission of interest of a proprietor, to enter the
name of his representative on the register. Such repre-
sentative therefore becomes a shareholder in his personal
capacity, with all the consequent rights and liabilities. It
appears that it is not necessary for the secretary to have the
consent of his board before performing this statutory duty,
but that he ought to perform it at once.

There is thus a primd facie right in the company to register
the representative in his personal capacity, upon the necessary
formalities being complied with. But if the representative
does not desire to have the shares registered in his name,
he ought to be allowed a reasonable time to sell the shares,
and to produce a purchaser who will take a transfer of them
[Buchan’s Case (1879), 4 A.C. 549], and it is doubtful
whether he will be compelled to become personally liable by
becoming registered without any request express or implied
by him.

S. 18 provides for transmission ‘in consequence of the
death or bankruptcy or insolvency of any shareholder, or
by any other lawful means than by a transfer according to