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 XXIII. Statuory companies

Collection:: Economics Books

STATUTORY COMPANIES 201 the amount of the interest therein possessed by them respec- tively to be entered in a book to be kept for the purpose, and to be called “ The Register of Holders of Consolidated Stock”; and such book shall be accessible at all reasonable times to the several holders of shares or stock in the undertaking.’ Trusts should not be recognised by a statutory company, whether by any entry in the register or in any other manner see s. 20]. As regards transfers, subject to any provision in the special Transfers. Act, shareholders have an absolute right of transfer [s. 14], subject to all calls due on the shares having been paid, and subject also to the restriction that, when a call has been made, the shares cannot be transferred until it has been paid fs. 16]. Transfers must be by deed; the deed must be duly stamped and the consideration truly stated [s. 14}. Although a statutory form of transfer is scheduled to the Act, the common form of transfer (Form No. 16) is generally used and invariably accepted. There is thus practical uniformity in the form of transfers, whether a company be a statutory company or not. As to debenture bonds, the Companies Clauses Act, 1845, authorises the borrowing of money on mortgage or bond [s. 38], and the succeeding clauses define the form of the bond and register and also define the form of transfer, which differs from the common form used for stocks and shares. I, AB. of in consideration of the sum of paid by G. H., of do hereby transfer to the said G. H. his executors administrators and assigns a certain bond number made by the Company to bearing date the dav of for securing the sum of and interest (or if such transfer be by endorsement ‘the within security’) and all my right estate and interest in and to the money thereby secured. In witness whereof I have hereunto set my hand and seal, etc., etc. The creation of debenture stock in place of the borrowing by mortgage or bond was allowed by the Companies Clauses Act, 1863 (Part III). A good many companies still exercise their borrowing powers by the issue of debenture bonds, and it should be particularly noted that the common form of transfer does not apply to these. Bonds.

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