TRANSFER AND TRANSMISSION OF SHARES 67
and the dispatch of the circular consequently achieved in a
few hours.

Similarly, the dividend sheets may be spread over a larger
staff than is possible when reference has to be made to the
books for the purpose, while, as stated above, the old-time
objection to the use of the card is met by the retention of the
full particulars in the share register. Many companies now
use an addressing machine which greatly facilitates the work.

Other points of advantage in the card system are (a) the
facility for keeping the index of names in strict alphabetical
order, and (b) after the annual return has been made to
Somerset House, the ‘dead’ cards may be taken out and kept
separately, thus starting each year with a clean index.

We may now proceed to the subject of the transfer of shares.
There are five provisions of the Act, dealing with transfers
These are set out below: —

Right of
Transfer.

S. 62 (1). The shares or other interest of any member in a
company shall be personal estate, transferable in
manner provided by the articles of the company, and
shall not be of the nature of real estate.

S. 63. Notwithstanding anything in the articles of a com-
pany, it shall not be lawful for the company to register
a transfer of shares in or debentures of the company
unless a proper instrument of transfer has been
delivered to the company: provided that nothing in
this section shall prejudice any power of the company
to register as shareholder or debenture holder any
person to whom the right to any shares in or debentures
of the company has been transmitted by operation
of law.

S. 64. A transfer of the share or other interest of a deceased
member of a company made by his personal represen-
tative shall, although the personal representative is
not himself a member of the company, be as valid as
if he had been such a member at the time of the
execution of the instrument of transfer.

S. 65. On the application of the transferor of any share
or interest in a company the company shall enter in its
register of members the name of the transferee in the
same manner and subject to the same conditions as if
the application for the entry were made by the trans-
feree.

S. 66. (1). If a company refuses to register a transfer of
anv shares or debentures, the company shall, within