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 V. Capital and shares

Collection:: Economics Books

43 of damages will be the value of the shares at the date of the breach of duty [Ottos Kopje Mines (1893), x Ch. 618]. The rule does not of course give the holder of a certificate who has got it from a bare legal owner any right against those equitably entitled [Shropshire Union Railwavs v. The Queen (1876), L.R. 7 H.L. 496]. In Appendix F will be found forms of Share Certificate ‘Forms 1 and 2), and a form of Fractional Certificate (Form 6). No charge is usually made for the original share certificate issued to a shareholder, and the Stock Exchange forbid any charge, but if worn out or lost it is usually renewed on payment of a shilling (see Table A, cl. 5). Before the issue of a new certificate to replace one lost, an adequate indemnity should be obtained. In general a statutory declaration verifying the loss, and a guarantee by a person of standing should be insisted upon; but, if the account is a small one, a letter of indemnity should be sufficient. A suitable form of Declaration and Indemnity is given in Appendix F (Form 7) The certificate should be marked ‘Duplicate’ on its face. By section 49 of the Act a limited company may, by Reserve special resolution, determine that any portion of its share Liability. capital which has not been already called up shall not be capable of being called up except in the event and for the purposes of the company being wound up. The effect of this is that the capital referred to is only available in winding up, and cannot be mortgaged or charged in any way. No alteration in the memorandum or articles increasing the liability of a member to contribute to share capital, or otherwise to pay money to the company, will bind a person who was a member prior to such alteration being made unless he consents in writing to be bound thereby (s. 22). If the number of members falls below the required minimum and it carries on business for more than six months while the number is so reduced, all its members are faced with unlimited liability if they know the facts (s. 28). The important subject of the transfer and transmission of shares is dealt with in Chapter VIII. Other incidents connected with shares are treated in Chapter IX, and the capitalisation of profits in Chapter XVII CAPITAL AND SHARES

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