746

SECRETARIAL PRACTICE
the said transferee, subject to the several conditions on
which I hold the same: and I, the said transferee, do
hereby agree to take the said share [or shares] subject
to the conditions aforesaid. As witness our hands the
day of
Witness to the signatures, of &c.

19. The directors may decline to register any transfer of shares,
not being fully paid shares, to a person of whom they do not approve,
and may also decline to register any transfer of shares on which the
company has a lien. The directors may also suspend the registra-
tion of transfers during the fourteen days immediately preceding
the ordinary general meeting in each year. The directors may
decline to recognise any instrument of transfer unless—

(a) a fee not exceeding two shillings and sixpence is paid tc
the company in respect thereof, and
the instrument of transfer is accompanied by the certificate
of the shares to which it relates, and such other evidence
as the directors may reasonably require to show the right
of the transferor to make the transfer.

(0)

If the directors refuse to register a transfer of any shares, they
shall within two months after the date on which the transfer was
lodged with the company send to the transferee notice of the refusal
20. The legal personal representatives of a deceased sole holder
of a share shall be the only persons recognised by the company
as having any title to the share. In the case of a share registered
in the names of two or more holders, the survivors or survivor, or
the legal personal representatives of the deceased survivor, shall
be the only persons recognised by the company as having any title
to the share.
2I. Any person becoming entitled to a share in consequence of
the death or bankruptcy of a member shall, upon such evidence
being produced as may from time to time be properly required by
the directors, have the right, either to be registered as a member
in respect of the share or, instead of being registered himself, to
make such transfer of the share as the deceased or bankrupt person
could have made; but the directors shall, in either case, have the
same right to decline or suspend registration as they would have
had in the case of a transfer of the share by the deceased or bankrupt
person before the death or bankruptcy.
22. A person becoming entitled to a share by reason of the death
or bankruptcy of the holder shall be entitled to the same dividends
and other advantages to which he would be entitled if he were the
registered holder of the share, except that he shall not, before being
registered as a member in respect of the share, be entitled in respect
of it to exercise any right conferred by membership in relation to
meetings of the company.