SHARE WARRANTS 
115 
or guarantee society, and only then after most exhaustive 
investigation and proof that it has been lost beyond recovery. 
Condition 14 gives the form of the certificate to be delivered 
to anyone depositing warrants in accordance with Condition 
13, and forms of this certificate may, when printed, be bound 
in book form with a counterfoil to each (see Form 41). The 
issue of this certificate requires to be carefully controlled and 
each form should bear a separate folio number. As a safe- 
guard in the use of this form the following words should 
always be added at the foot, viz.: ‘Importani—The warrants 
named herein will be delivered only in exchange for this 
certificate, which must be carefully preserved.’ 
Subject to the articles of association the fees referred to Fees. 
in Conditions 5, 12 and 16 may be fixed by the Board. 
A specimen form of application for share warrants is given 
in Form 42, and upon such a form being completed and 
handed in to the company’s office together with the share 
certificates and fees payable, the company would issue a 
receipt (see Form 43). 
In recording the issue of share warrants three types of 
registers are usually required as follows: 
(1) Particulars of share warrant applications received 
and details of the warrants issued in respect thereof 
‘see Form 46). 
(2) Particulars of applications received for the ex- 
change of warrants into registered shares, giving details 
of the warrants surrendered (see Form 47), and 
(3) The serial number of every warrant printed with 
columns in which to enter the distinctive share numbers 
inserted on the warrants (see Form 48). 
In addition to the foregoing a stock book should be kept Stock Book. 
recording all the warrants printed and a summary of all 
warrants issued, so that at any time it may be possible to 
ascertain full details of the warrants remaining in stock. 
Before execution of a warrant, stamp duty thereon must 
be paid by means of an impressed stamp at three times the 
ad valorem duty payable upon transfers of shares, that is to 
say, at the rate of £3 per cent. on warrants issued on and after 
1st September, 1920, the duty being calculated upon the 
nominal value of the shares or stock comprised in the warrant 
(Stamp Act, 1891, Schedule 1, Section 1). The stamp duty 
must be impressed before the warrant is executed. 
it is provided by the Stamp Act, 1891 (s. 107) that any 
person who, at the time when a share warrant is issued 
Stamp Duty.