748 
SECRETARIAL PRACTICE 
Conversion of Shaves into Stock. 
30. The company may by ordinary resolution convert any 
paid-up shares into stock, and reconvert anv stock into paid-up 
shares of any denomination. 
31. The holders of stock may transfer the same, or any part 
thereof, in the same manner, and subject to the same regulations, 
as, and subject to which, the shares from which the stock arose 
might previously to conversion have been transferred, or as near 
thereto as circumstances admit; but the directors may from time 
to time fix the minimum amount of stock transferable, and restrict 
or forbid the transfer of fractions of that minimum, but the minimum 
shall not exceed the nominal amount of the shares from which the 
stock arose. 
32. The holders of stock shall, according to the amount of the 
stock held by them, have the same rights, privileges, and advantages 
as regards dividends, voting at meetings of the company, and other 
matters as if they held the shares from which the stock arose, but 
no such privilege or advantage (except participation in the dividends 
and profits of the company) shall be conferred by any such aliquot 
part of stock as would not, if existing in shares, have conferred that 
privilege or advantage. 
33. Such of the regulations of the company as are applicable to 
paid-up shares shall apply to stock, and the words ‘“share’” and 
“shareholder” therein shall include “stock” and “stockholder.” 
Alteration of Capital. 
34. The company may from time to time by ordinary resolution 
increase the share capital by such sum, to be divided into shares of 
such amount, as the resolution shall prescribe. 
35. Subject to any direction to the contrary that may be given 
by the company in general meeting, all new shares shall, before 
issue, be offered to such persons as at the date of the offer are en- 
titled to receive notices from the company of general meetings in 
proportion, as nearly as the circumstances admit, to the amount 
of the existing shares to which they are entitled. The offer shall 
be made by notice specifying the number of shares offered, and 
limiting a time with which the offer, if not accepted, will be deemed 
to be declined, and after the expiration of that time, or on the 
receipt of an intimation from the person to whom the offer is made 
that he declines to accept the shares offered, the directors may dispose 
of those shares in such manner as they think most beneficial to the 
company. The directors may likewise so dispose of any new shares 
which (by reason of the ratio which the new shares bear to shares 
held by persons entitled to an offer of new shares) cannot, in the 
opinion of the directors, be conveniently offered under this article. 
36. The new shares shall be subject to the same provisions with 
reference to the payment of calls, lien, transfer, transmission, 
forfeiture, and otherwise as the shares in the original share capital.