COMPANIES ACT, 1929 
599 
{3) On any such application the court, after hearing the 
applicant and any other persons who apply to the court to be 
heard and appear to the court to be interested in the application, 
may, if it is satisfied, having regard to all the circumstances of the 
case, that the variation would unfairly prejudice the shareholders 
of the class represented by the applicant, disallow the variation and 
shall, if not so satisfied, confirm the variation. 
(4) The decision of the court on any such application shall be 
Anal. 
(5) The company shall within fifteen days after the making 
of an order by the court on any such application forward a copy 
of the order to the registrar of companies, and, if default is made 
in complying with this provision, the company and every officer 
of the company who is in default shall be liable to a default fine. 
(6) The expression ‘variation’ in this section includes abroga- 
tion and the expression ‘‘ varied ’’ shall be construed accordingly. 
Transfer of Shaves and Debentures, Evidence of Title, &c. 
62.—(1) The shares or other interest of any member in a company 
shall be personal estate, transferable in manner provided by the 
articles of the company, and shall not be of the nature of real estate. 
(2) Each share in a company having a share capital shall be 
distinguished by its appropriate number. 
63. Notwithstanding anything in the articles of a company, it 
shall not be lawful for the company to register a transfer of shares 
in or debentures of the company unless a proper instrument of 
transfer has been delivered to the company: 
Provided that nothing in this section shall prejudice any 
power of the company to register as shareholder or debenture 
holder any person to whom the right to any shares in or debentures 
of the company has been transmitted by operation of law. 
64. 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 company, 
be as valid as if he had been such a member at the time of the 
execution of the instrument of transfer. 
65. On the application of the transferor of any share or interest 
in a company, the company shall enter in its register of members 
the name of the transferee in the same manner and subject to the 
same conditions as if the application for the entry were made by 
the transferee. 
66.—(1) If a company refuses to register a transfer of any shares 
or debentures, the company shall, within two months after the 
date on which the transfer was lodged with the company, send 
to the transferee notice of the refusal. 
Nature of shares. 
Transfer not to 
pe registered 
except on pro- 
duction of 1n- 
strument of 
transfer. 
Transfer by 
personal 
representative. 
Registration of 
ransfer at 
request of 
transferor. 
Notice of refusal 
‘0 register 
rransfer,