TRANSFER AND TRANSMISSION OF SHARES 67 
and the dispatch of the circular consequently achieved in a 
few hours. 
Similarly, the dividend sheets may be spread over a larger 
staff than is possible when reference has to be made to the 
books for the purpose, while, as stated above, the old-time 
objection to the use of the card is met by the retention of the 
full particulars in the share register. Many companies now 
use an addressing machine which greatly facilitates the work. 
Other points of advantage in the card system are (a) the 
facility for keeping the index of names in strict alphabetical 
order, and (b) after the annual return has been made to 
Somerset House, the ‘dead’ cards may be taken out and kept 
separately, thus starting each year with a clean index. 
We may now proceed to the subject of the transfer of shares. 
There are five provisions of the Act, dealing with transfers 
These are set out below: — 
Right of 
Transfer. 
S. 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. 
S. 63. Notwithstanding anything in the articles of a com- 
pany, 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. 
S. 64. A transfer of the share or other interest of a deceased 
member of a company made by his personal represen- 
tative 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. 
S. 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 trans- 
feree. 
S. 66. (1). If a company refuses to register a transfer of 
anv shares or debentures, the company shall, within