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

108 SECRETARIAL PRACTICE similar provision in the articles of association of a registered company would be effective seems doubtful. 3. Transfers.—A transfer of shares held by an infant cannot effectually be made except under an order of Court. The company should, therefore, refuse to accept a transfer made by a shareholder known to be an infant. If it does accept such a transfer it may perhaps be made liable to him on attaining his majority for any loss sustained by him by reason of the transfer. If such an order is made it will authorise some named person to transfer on behalf of the infant. But if a company does allow an infant to transfer to an adult and registers the transferee it cannot afterwards raise any question as to the voidability or otherwise of that transfer (Gooch’s Case, L.R. 8 Ch. 266). 4. Calls—An infant is liable to pay calls upon partly paid shares held by him unless and until he repudiates his shares. Taking shares is not merely a contract, but the purchase of an interest to which statutory obligations are attached (North- Western Raslway Co. v. McMichael, 5 Exch. 114). This being so, it seems that the Infants’ Relief Act, 1874, does not affect the matter (Simpson on Infants, 4th ed., p. 37). The views set forth may be summarised as follows: — I. An infant may be a holder of shares or stock in a com- pany. 2. He cannot compel a company to register him as a holder of partly paid shares nor (probably) as a holder of fully paid shares or stock. 3. A company upon discovering that a transferee of shares who has been registered as a member is an infant, may apply to have the name of the transferor registered in his stead unless precluded from doing so by laches. 4. If a company registers an infant knowing him to be such it cannot afterwards repudiate him. 5. An infant can vote by his guardian at a general meeting of the company if the company is governed by the Companies Clauses Act, 1845, or if there is express provision for that purpose in the articles of association of a registered company. He cannot vote personally if the company is governed by the Companies Clauses Act, 1845, but if it is incorporated under the Companies Acts, he can vote personally in the absence of any prohibition express or implied in the articles.

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