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 VIII. Transfer and transmission of shares

Collection:: Economics Books

TRANSFER AND TRANSMISSION OF SHARES 65 sut juris and entitled to the whole beneficial interest in the shares, his personal obligation is not confined to the extent of the trust property [Hardoon v. Belilios (1901), A.C. 118]. This right to an indemnity cannot be enforced while it is uncertain whether calls will be made [Hughes-Hallett v. Indian Mammoth Mines (1882), 22 Ch. D. 561], but can be enforced if there is evidence that calls will be made [Hobbs v. Wavyet (1887 36 Ch. D. 256]. Reference has to be made to the share register more often probably than to any other statutory book of the company, but prior to the Act of 1928, there was no statutory obligation to keep an index to the register. Now under s. gb of the Act of 1929 every company having more than fifty members must, unless the register is in such form as to constitute in itself an index, keep an index (which may be in the form of a card index) of the names of its members. The index must enable the account of each member in the register to be readily found, and in the event of any alteration in the register of members, the company must, within 14 days thereafter, make any necessary alteration in the index. It is often a source of trouble to the secretary to find a simple and reliable method of index to the register, and at the same time, especially in companies having an extensive register, a method whereby reference to the register itself is minimised by the recording of the various notes relative to any particular account in such index. Probably the most usual form is for the register to contain all the necessary particulars, in- cluding not only the address of the shareholder as originally registered, but also the various changes of his address from time to time, together with a note as to payment of dividend, and special instructions as to the sending of reports and statements, notes with regard to orders of Court, notice in lieu of distringas, powers of attorney, etc., with a simple index of the name with the folio in the share register. This method is doubtless sufficient in a small company where the clerk handling the books readily acquires an intimate knowledge of the accounts, and can turn up any particular account without delay; but on a big register it is very cumbersome, and does not lend itself to ready handling when there is work in hand requiring a considerable staff or urgent completion. Loose-leaf registers which already are widely used by companies of any size will probably be used by an increasing number of companies in the future in view of the requirements of ss. 96 and 108 of the Act, as thereby the register can be kept in absolute alphabetical order To Index to Share Register.

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