Secretarial practice

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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 XXIV. Scottish companies

Collection:: Economics Books

308 SECRETARIAL PRACTICE Survivorship in Joint Accounts. Where it is intended to register shares or stock of a Scottish company in the names of two or more persons with a destination to the survivor, words to that effect must ordin- arily be inserted in the transfer, as survivorship is not implied under Scots law. The words necessary are ‘and the Survivor of them,” or ‘and the Survivors or Survivor of them’ placed after the words ‘do hereby bargain, sell, assign, and transfer to the said A4.B.,” although some companies pass transfers with the words written immediately after the names and addresses of the buyers. Failing the inclusion in a transfer in favour of, say, 4. and B. of the clause referred to, and in the absence of any special provision to the contrary in the com- pany’s articles of association, they would be held to have an equal and separate interest in the shares or stock, and, on the death of one of them, his confirmation or probate would re- quire to be exhibited and his executors’ names would be noted in the register in respect of his share, and, in the event of a sale, the transfer would require to be executed by the survivor and by the executors of the deceased. Of course, where the survivorship clause is registered, and one of the holders dies, production of evidence of death is all that is necessary to enable a company to remove his name. In any subsequent transfer by the survivor he should be described as ‘Survivor in a joint account with deceased.” There is, however, a growing practice in the case of Scottish companies to make special provision in the articles of association that where shares are registered in joint names without qualifica- tion the survivors or survivor are alone to be recognised as holding the title following upon a death, thereby bringing the practice more into line with that prevailing in England. It may be mentioned here that shares or stock of Scottish companies may also be registered in joint names so that a quorum only of the holders require to sign. This method of registration has been adopted by the nominees of some of the banks in Scotland who are described in transfers as, say, ‘A.B., C.D., and E.F., all of the Bank, Limited, Glasgow, and the survivors or survivor of them, any two being a quorum.’ It should be noted that although under the law of Scotland partnerships may own property and may quite competently be registered as stock or share holders and act as transferors or transferees thereof, there are obvious objections to register- ing a firm as such, and the practice should be discouraged. Execution by The execution of a deed by a mark is not valid in Scotland. Mark. The deed must be executed for the person unable to write by a Justice of the Peace or Notary Public in the presence Partnerships.

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