COMPANIES ACT, 1929

599
{3) On any such application the court, after hearing the
applicant and any other persons who apply to the court to be
heard and appear to the court to be interested in the application,
may, if it is satisfied, having regard to all the circumstances of the
case, that the variation would unfairly prejudice the shareholders
of the class represented by the applicant, disallow the variation and
shall, if not so satisfied, confirm the variation.

(4) The decision of the court on any such application shall be
Anal.
(5) The company shall within fifteen days after the making
of an order by the court on any such application forward a copy
of the order to the registrar of companies, and, if default is made
in complying with this provision, the company and every officer
of the company who is in default shall be liable to a default fine.

(6) The expression ‘variation’ in this section includes abroga-
tion and the expression ‘‘ varied ’’ shall be construed accordingly.

Transfer of Shaves and Debentures, Evidence of Title, &c.
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.
(2) Each share in a company having a share capital shall be
distinguished by its appropriate number.

63. Notwithstanding anything in the articles of a company, 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.

64. A transfer of the share or other interest of a deceased member
of a company made by his personal representative 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.

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 transferee.

66.—(1) If a company refuses to register a transfer of any shares
or debentures, the company shall, within two months after the
date on which the transfer was lodged with the company, send
to the transferee notice of the refusal.

Nature of shares.

Transfer not to
pe registered
except on pro-
duction of 1n-
strument of
transfer.

Transfer by
personal
representative.

Registration of
ransfer at
request of
transferor.

Notice of refusal
‘0 register
rransfer,