[17
registered shares during the period covered should be treated
as if the members had transferred the shares since the date
of the last return. The information required to be stated
in the summary is set out in s. 108 (3) of the Act and appears
on the form of summary.

Subject to the articles of the company the holder of a
share warrant is entitled, in accordance with s. 97 (2), upon
surrendering the warrant for cancellation to have his name
entered as a member in the register of members. The warrant
must be actually surrendered and cancelled, as otherwise
the company is responsible for any loss which may be involved.
[s. 97 (3)]. In dealing with such cases an application form
for exchanging share warrants for registered shares should
be required (see Form 49). A form of receipt for this applica-
tion and for the share warrants deposited in connection
therewith would be issued by the company (see Form 45),
and might, in practice, be treated as a transfer receipt in the
event of the shares being sold before the share certificate is
ready for delivery. The application for registered shares
would be entered in the share warrant surrender register
(Form 47), and the entry posted in due course from there tc
the holder’s account in the register of members.

If by the conditions or articles the holder of a share warrant Notices.
is entitled to receive notice of meetings it is generally provided
that these may be given by advertisement, the right to
attend being subject to the warrant having been previously
deposited at the company’s office or bankers (see Specimen
Condition, 13 supra). When the annual report and accounts
with notice of general meeting are printed, a paragraph on
the following lines may be inserted after the usual notice
of meeting:

SHARE WARRANTS

Surrender.

“Holders of share warrants are reminded that if they
wish to attend and vote at the meeting, either personally
or by proxy, they must, three clear days before the day
appointed for the meeting, deposit their warrants at the
registered offices of the company ai

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The payment of dividends [see s. 70 (1)] is provided for
by means of a series of detachable coupons at the foot of
the warrant (see Form 40). These coupons should be num-
bered consecutively, the numbers commencing at the bottom
right-hand corner in order to facilitate detachment, and they