TRANSFER AND TRANSMISSION OF SHARES 81 
that person then proceeds to obtain within eight days an order 
of the Court restraining the transfer, the company may pro- 
ceed to register the transfer in spite of the notice. Forms of 
notice by the company to the person on whose behalf the 
notice and affidavit were lodged, and to the person actually 
lodging them, will be found in Appendix F (Forms 23 and 24). 
One or two other matters connected with transfers remain Legal Effect 
to be noticed. The legal effect of a transfer, duly completed of Transfers. 
by registration, is important. A transferee does not get a 
full title until the transfer is registered [Société Générale v. 
Walker (1886), 11 A.C. 20]. The entry of the name of a 
transferee on the register by a secretary, without authority, 
before the directors have approved the transfer, gives ‘the 
transferee no title, and the transferor still remains liable on 
the shares [Chida Mines v. Anderson (1905), 22 T.L.R. 27]. 
Till registration the transferee has only an equitable right, 
which he may lose by the appearance of some person with a 
superior equity, or by the registration of a later transfer 
[Moore v. N.W. Bank (1891), 2 Ch. 599; Ireland v. Hart 
(1902), 1 Ch. 522]. Meanwhile the transferor remains liable 
to pay calls, but there is an implied contract by the transferee 
to indemnify him [Loring v. Davis (1886), 32 Ch. D. 625], and, 
subject to the articles of association, the transferor can enforce 
the registration. If a shareholder neglects to have the name 
of the transferee substituted for his own upon the register of 
shareholders and a winding-up supervenes, his name must 
remain there, and he is therefore liable to pay up the amount 
due upon his shares [Walker's Case (1868), 6 Eq. 30], although 
he would be entitled to indemnity by the transferee. The 
transferor after registration is not primarily liable as a con- 
tributory [Hoylake Railway Co. (1874), 9 Ch. App. 257], but 
remains liable for one year to be placed on the ‘B’ List of 
contributories (see ss. 175 and 203 of the Act). But even after 
registration the transferor will be liable to be restored to the 
register if the transfer was fraudulent, or made without 
the authority of the transferee, or to a nominee of the company 
to the knowledge of the transferor; but in the case last men- 
tioned the transferee may be liable [Cree v. Somervail (1879), 
4 A.C. 648]. 
If the articles provide that a member shall not be entitled 
to vote whilst any call or other sum is due and payable to 
the company in respect of any of the shares of such member, 
it has been held that, although the calls can be recovered 
from the original holder, even after forfeiture, the person, 
to whom the shares have been re-sold by the company, 
takes subject to such disqualification notwithstanding that