748

SECRETARIAL PRACTICE
Conversion of Shaves into Stock.

30. The company may by ordinary resolution convert any
paid-up shares into stock, and reconvert anv stock into paid-up
shares of any denomination.

31. The holders of stock may transfer the same, or any part
thereof, in the same manner, and subject to the same regulations,
as, and subject to which, the shares from which the stock arose
might previously to conversion have been transferred, or as near
thereto as circumstances admit; but the directors may from time
to time fix the minimum amount of stock transferable, and restrict
or forbid the transfer of fractions of that minimum, but the minimum
shall not exceed the nominal amount of the shares from which the
stock arose.

32. The holders of stock shall, according to the amount of the
stock held by them, have the same rights, privileges, and advantages
as regards dividends, voting at meetings of the company, and other
matters as if they held the shares from which the stock arose, but
no such privilege or advantage (except participation in the dividends
and profits of the company) shall be conferred by any such aliquot
part of stock as would not, if existing in shares, have conferred that
privilege or advantage.

33. Such of the regulations of the company as are applicable to
paid-up shares shall apply to stock, and the words ‘“share’” and
“shareholder” therein shall include “stock” and “stockholder.”

Alteration of Capital.

34. The company may from time to time by ordinary resolution
increase the share capital by such sum, to be divided into shares of
such amount, as the resolution shall prescribe.

35. Subject to any direction to the contrary that may be given
by the company in general meeting, all new shares shall, before
issue, be offered to such persons as at the date of the offer are en-
titled to receive notices from the company of general meetings in
proportion, as nearly as the circumstances admit, to the amount
of the existing shares to which they are entitled. The offer shall
be made by notice specifying the number of shares offered, and
limiting a time with which the offer, if not accepted, will be deemed
to be declined, and after the expiration of that time, or on the
receipt of an intimation from the person to whom the offer is made
that he declines to accept the shares offered, the directors may dispose
of those shares in such manner as they think most beneficial to the
company. The directors may likewise so dispose of any new shares
which (by reason of the ratio which the new shares bear to shares
held by persons entitled to an offer of new shares) cannot, in the
opinion of the directors, be conveniently offered under this article.

36. The new shares shall be subject to the same provisions with
reference to the payment of calls, lien, transfer, transmission,
forfeiture, and otherwise as the shares in the original share capital.