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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. Share warrants

Collection:: Economics Books

CHAPTER X SHARE WARRANTS A Share Warrant is a document under the seal of the company to the effect that the bearer is entitled to the number of fully paid shares of the company stated therein, the distinguishing numbers being specified (Appendix F, Form 40). A share warrant is by mercantile usage and by virtue of s. 70 (3) of the Companies Act, 1929, a negotiable instrument transferable by mere delivery, that is to say, it may be passed from hand to hand, and a bond fide holder for value for the time being is entitled to the benefit of it, notwithstanding some defect in title, e.g. theft by a previous holder. The statutory law relating to share warrants is contained in ss. 70, 97, 141 (2) of the Act. Share warrants may be issued in respect of any fully paid up shares or stock by any public company limited by shares which is authorised so to do by its articles. A private com- pany’s articles of association must not take power to issue share warrants, as otherwise it cannot limit its membership in accordance with the requirements of s. 26. Conditions of Lhe conditions governing the issue of share warrants are Issue. settled either by the company’s articles of association or by resolution of the board of directors, passed pursuant to some provision in the articles. Sometimes the conditions are printed on the back of the warrant, but it is more usual to print them separately and to issue them on application. The holder can then keep his conditions of issue by him, while he will probably lodge his warrant with his bank for safe custody. This course also enables the company more easily to vary the conditions subsequently, if it should become desirable to do so. It is highly important to guard against forgery, and the warrants should therefore be printed on paper bearing a distinctive water mark. It is desirable that the printing should be done direct from a steel plate which cannot easily he imitated. [LL

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