Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Transfer and transmission of shares

Collection:: Economics Books

TRANSFER AND TRANSMISSION OF SHARES 8g whom the probate has been granted, is to be recommended. The same applies to administrators. In the event of the sale by the executors of part of the holding—they being entitled to sell the holding under s. 64 of the Act—the balance certificates should be made out in the name of the deceased, the names of the executors being given in the margin of the certificate. Where execu- tors have been noted in their representative capacity, dividend warrants should be made out to (say) ‘John Brown one of the executors of A. Smith, deceased.” John Brown would indorse the warrant. If sent to a bank the warrant would be payable to (say) ‘Coutts & Co. A/c A. Smith, deceased’ (or as per instructions). It is usually desirable, whenever possible, to compel the registration in their personal capacity of persons claiming by transmission. The best method of so doing is to with- hold. dividends, but this can only be done when the articles authorise it. An article in some such form as follows will serve the purpose: If within a year and day from the death of a shareholder his executors or administrators have not [themselves been registered as the holders of his shares, or have not] transferred his shares, the directors may withhold payment of all dividends that may be payable in respect of such shares until such time as the executors or administrators shall [themselves have been so registered, or shall] have transferred the shares, when the said dividends shall be payable to the [executors or administrators, or the] trans feree of the shares [as the case may be]. In the case of the devolution of title to shares on the Bankruptcy. bankruptcy of a shareholder, the trustee in bankruptcy is the representative of the bankrupt, and the company should require as evidence either an office copy of his appointment or a copy of the Gazette containing notice thereof. If the shares are partly paid, the trustee may exercise the right of disclaimer conferred by s. 54 of the Bankruptcy Act 1914; but if the shares were charged, the disclaimer does net destroy the interest of the person entitled to the charge he Lansdell (1921), 1 Ch. 420]. In the case of lunacy, the property of the lunatic can enly Lunacy. be dealt with under an order of the Court, and this or ‘r, or an office copy of it, should be produced to the c_- and a careful note made of the powers confer;ed curator. If a company holding shares in another company goes into Liquidation. liquidation, the latter companv should require evidence of the

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