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 303 of the secretary of a registered company. Thus, if a transfer be lodged for registration after the death of the transferor and after probate or letters of administration have been exhibited, it cannot be acted on, since (as appears below) the names of the personal representatives of the deceased transferor would already be on the register in their individual capacities, and they alone would be entitled to deal with the shares. And if the legal personal representatives of a deceased proprietor have been duly registered, a transfer by them should not be accepted if they are described as executors or administrators, although in the case of fully paid shares or of stock the fact that they are so described seems immaterial. It does not appear to be competent for a statutory com- pany to make regulations as to such matters as allowing more than one account on the same transfer form, or limiting the number of holders in a joint account, or permitting more than one account in the same name or names, or allowing transfers of more than one class of stock on the same deed. None the less there seems to be no reason why a statutory company should not have its own practice in such respects, and adhere to it until forced in individual cases to abandon it, There is an important difference in the matter of trans- Trans- mission between statutory companies and companies under mission. the Companies Acts. By s. 18 of the Companies Clauses Consolidation Act it is the duty of a secretary upon proof of the transmission of interest of a proprietor, to enter the name of his representative on the register. Such repre- sentative therefore becomes a shareholder in his personal capacity, with all the consequent rights and liabilities. It appears that it is not necessary for the secretary to have the consent of his board before performing this statutory duty, but that he ought to perform it at once. There is thus a primd facie right in the company to register the representative in his personal capacity, upon the necessary formalities being complied with. But if the representative does not desire to have the shares registered in his name, he ought to be allowed a reasonable time to sell the shares, and to produce a purchaser who will take a transfer of them [Buchan’s Case (1879), 4 A.C. 549], and it is doubtful whether he will be compelled to become personally liable by becoming registered without any request express or implied by him. S. 18 provides for transmission ‘in consequence of the death or bankruptcy or insolvency of any shareholder, or by any other lawful means than by a transfer according to

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