Full text: Secretarial practice

£36 
SECRETARIAL PRACTICE 
A transmission clause is usually inserted in articles, enabling 
any person who becomes entitled to shares, in consequence 
of the death or bankruptcy of any member, to be registered 
in respect of those shares, and to exercise the right of voting. 
In the case of joint holders of shares, the articles usually give 
the holder whose name appears first in the register the right 
of voting. The bearers of share warrants are usually given 
power to vote, but on certain conditions (e.g. that the warrants 
are produced and lodged for a stated time for examination). 
Voting when The articles usually forbid any member upon whose shares 
Calls are due. any calls are in arrear to vote; and it has been held that, 
where an article provided that a member should not be 
entitled to vote whilst any call or other sum should be due 
and payable in respect of his shares, and the shares of a 
member were forfeited for non-payment of calls, the purchaser 
of the forfeited shares, which had been re-sold to him by the 
company with a certificate stating that he was to be deemed 
to be the holder of thie shares discharged from all calls due, 
was not entitled to vote [Randt Gold Mining Co. v. Wain- 
wright (1901), I Ch. 184]. The articles also sometimes 
preclude from voting any member who has acquired his 
shares less than three months (or other specified period) 
before the date of the meeting. 
The fact that one member holds a proxy for another does 
not entitle him to another vote on a show of hands, but it 
appears that if the articles allow proxies to be given to non- 
members, every such non-member who holds a proxy can 
give one vote [Ernest v. Loma Gold Mines (1897), 1 Ch. 1]. 
Company Re- As regards voting by the representative of another com- 
presentation. pany holding shares in the company of which the meeting is 
being held, inasmuch as, by s. 116 of the Act, the representa- 
tive (who may be one of the officials of the company or any 
other person), must be authorised by resolution of the directors 
or other governing body, the chairman of the meeting will 
be entitled to reasonable evidence of the representative's 
appointment. It has been held that he may properly admit 
the vote on the evidence afforded by a copy of the resolution 
(Colonial Gold Reef v. Free State Rand (1914), 1 Ch. 382]. 
Such a representative may be reckoned in the quorum. The 
power to appoint a representative is now given to every 
corporation whether a company within the meaning of the 
Act or not and extends to class meetings of shareholders 
and to meetings of creditors as well as to general meetings. 
Under the new Act therefore a corporation incorporated 
abroad can exercise this power, 
Proxy.
	        
Waiting...

Note to user

Dear user,

In response to current developments in the web technology used by the Goobi viewer, the software no longer supports your browser.

Please use one of the following browsers to display this page correctly.

Thank you.