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 VIII. Transfer and transmission of shares

Collection:: Economics Books

TRANSFER AND TRANSMISSION OF SHARES 73 the unsold portion of shares on all certificates lodged upon certification of transfers is a waste of time, and they therefore do not make out any certificate in respect of the balance unless and until a notice to this effect is received, such balances remaining on the cancelled certificate retained in the office pending delivery of further transfers or an application for a balance certificate. If this procedure is followed, no further transfers in respect of the unappropriated balances must be certified or accepted for registration, nor must any balance certificates be issued without the surrender of the balance receipt. There are many companies, however, who contend that a balance certificate should be made out in respect of every balance represented by unsold shares on certificates lodged with transfers for certification, as, in that way, it is easier to trace the whole of a particular shareholding should occasion arise, and, where this method is adopted, such a balance certificate is made out even when it is known that further transfers will be presented for certification or registra- tion in respect of those particular shares. On the further transfer being presented, the balance certificate is immediately cancelled, even though it may not have been before the Board for sealing. Where the former practice is adopted, the balance receipt should contain an intimation to the effect that no definitive certificate will be made out in respect of the balance ‘unless a request for the same is made. Where the latter practice is followed, the balance receipt given should contain an intimation as to when the balance certificate will be ready for delivery. It will be seen from the foregoing that, notwithstanding the decisions of the Courts as to the legal effect of certification on transfers, the practice is one which requires to be carried out with the very greatest care. The clerk responsible for the work should be careful to see that the transferor’s name is correctly stated, that he has signed the transfer, that the name of the transferee is inserted, that no more shares are being transferred than are comprised in the certificate, that the distinctive numbers are correctly stated on the transfer, and that the company’s name is correctly stated, and, by reference to the register of members or card index, that no notice of distringas has been lodged. It occasionally happens that an old address, copied from the share certificate, is inserted in the transfer, and it is therefore necessary to refer to the register or card index to check the address of a transferor so that the notice to him (if such is sent on certifica- tion) may be sent to the correct address. In the cases where an outside audit of the transfers is conducted it is the usual

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