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 VIII. Transfer and transmission of shares

Collection:: Economics Books

Blank Transfers. 32 ~~ SECRETARIAL PRACTICE he acquired the shares upon the terms that he should be discharged from all calls due prior to his acquisition of the shares [Randt Gold Mining Co. v. Wainwright (1901), 1 Ch. 184]. The company is not bound to register a transfer at once, but is allowed time for inquiry; if, however, registration is improperly refused, the company will be liable in damages ‘Ottos Kopje Diamond Mines (1893), 1 Ch. 618]. The only duty of the transferor of shares is to execute a valid transfer and hand it to the transferee; it is for the transferee to insist on his right to registration [Skinner v. City of London Insurance Corporation (1885), 14 Q.B.D. 882]. But the transferor is under an implied obligation, arising from the relation of grantor and grantee, not to prevent or delay the registration [Hooper v. Herts (1906), 1 Ch. 549]. See also 5. 65. The effect of blank transfers, i.e. transfers in which the name of the transferee is omitted, should be noticed. Blank transfers are usually given in cases where the transferor is desirous of raising money on the shares; and here there is a difference in the legal position according as the regulations of the company do or do not require a transfer to be made by deed. 1. Where the regulations do not require a transfer by deed. A form of transfer signed by a vendor of shares, but with the name of the transferee omitted, is equivalent, when delivered to a purchaser, to an authority to him to fill in the blank with any name he likes [Walker v. Bartlett (1856), 18 C.B. 845], and the vendor is entitled to be indemnified by the purchaser against all calls thereafter made, Spencer v. Ashworth, Partington & Co. (1925), 1 K.B. 589]. And when the name is filled in, the transferee is entitled to be registered as holder of the shares [Tahiti Cotton Co., ex parte Sargent (1874), 17 Eq. 273]. 2. Where the regulations require a transfer by deed. The name of the transferee must be inserted before the deed is executed [Tayler v. Great Indian Peninsula Railway Co. '1859), 4 De G. and J. 559]; otherwise the document is inoperative as a deed [Hibblewhite v. McMorine (1840), 6 M. & W. 200], and gives the purchaser no right to call upon the company to place his name upon the register. The purchaser however, has, in consequence of the contract of sale, an equitable title to the shares, and he can force the vendor to aid him to acquire a legal title by executing a proper transfer [Morris v. Cannan (1862), 31 L.]J.Ch. 425].

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