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 8; or letters of administration or confirmation as executor are produced to the company as evidence of the representative capacity of the executors or administrators; and s. 6g of the Act provides that ‘the production to a company of any document which is by law sufficient evidence of probate of the will, or letters of administration of the estate, or confirmation as executor, of a deceased person having been granted to some person shall be accepted by the company, notwith- standing anything in its articles, as sufficient evidence of the grant.” If nothing more is done, the proper course is to make a note in the register of the death and production of the probate with the full names and addresses of the executors; but it is not the proper course, in the circum- stances, to enter the representatives in the register as holders of the shares. S. 64 of the Act makes this clear: ‘A transfer of the share or other interest of a deceased member of a company, made by his personal representative, shall, although the personal representative is not himself a member of the com- pany, be as valid as if he had been such a member at the time of the execution of the instrument of transfer.’ So that executors may, by statute, transfer without being first registered as members; and if they do so, the transferee will in due course be registered in the ordinary way. Pending a transfer, the estate of the deceased member remains liable to the company and his representative is not entitled to notice of meetings [Allen v. Gold Reefs of West Africa (1900), 1 Ch. 656], unless the articles provide that such representative is to receive notices of meetings. Article 107 of Table A is an instance of such a provision. In the case of the death of a sole executor who has not been registered, the production of probate of his will by his executor entitles that executor to deal with the shares of the deceased shareholder. But the administrator of a deceased executor must not be recognised. The person entitled to deal with the unadministered estate of the deceased shareholder (who will generally be the residuary legatee or one of the next of kin) must take out letters of administration de bonis non and the secretary can then recognise that person. Similarly neither the executor of an administrator nor tl: administrator of an administrator can be recognised. Colonial probates or letters of administration must be Colonial resealed in this country before the personal representative Probates, ete. can be recognised. Similarly Scottish and Irish probates and letters of administration must be resealed in England, English or Irish in Scotland, and English or Scottish in Ireland

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