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 IX. Other matters relating to shares

Collection:: Economics Books

OTHER MATTERS RELATING TO SHARES 107 member to the dividends declared on his shares. Prior to the 1st January, 1926, the Chancery Division of the High Court could make an order for the payment of dividends due to an infant to the guardian of such infant, or any person named in the order under s. 32 of the Infants’ Property Act, 1830. This Act was repealed by the Law of Property Amendment Act, 1924; but it is apprehended that the Court could still make such an order under its general jurisdiction. In the absence of such an order the company may be in a difficulty as an unmarried infant cannot give a good discharge for the dividends though a married infant could do so under s. 21 of the Law of Property Act, 1925. The company cannot rely upon the disability of an infant to give a legal discharge as a defence to an action brought by an infant suing by his next friend. The debtor must find a person able to give a discharge (Simpson on Infants, 4th edition, p. 41). If such an action were brought to recover dividends on an infant’s shares the company might pay the amount of the dividend into Court, and so get a good discharge for it, [Law of Property Act, 1925, s. 203 (1)], but it would seem that they would have to pay the plaintiff’s costs of the action up to the payment in. The difficulty is, however, unlikely to arise as shares are usually vested in trustees for infants, and if an infant becomes entitled to shares under a will or on an intestacy and they are not vested in trustees by the will (if any), the legal personal representatives of the deceased can appoint trustees under s. 42 of the Administration of Estates Act, 1925. Provision is made by the rules of Court for all money recovered in an action by an infant to be paid into Court or otherwise dealt with as the Court shall direct. See Order 22 R. 15. It may be added that a dividend warrant in the ordinary form is a bill of exchange payable to the order of the share- holder named in it (Thairlwall v. Great Northern Railway Co (1910), 2 K.B. 509), and his signature of it, or indorsement of it, therefore entitles the holder to receive and enforce payment of the warrant notwithstanding that the indorser is an infant [Bills of Exchange Act, 1882, s. 22 (2)], though he incurs no liability by indorsing it. An infant may have a current account with a banker, but not an overdraft. Upon the whole, if dividend warrants in the usual form are made payable to the shareholder’s order and crossed, it is difficult to see what risk the company could run in the matter. Under s. 7 of the Gasworks Clauses Act, 1871, the guardian of an infant shareholder in a gas company can give a sufficient discharge for money payable to the infant. Whether a

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