746 
SECRETARIAL PRACTICE 
the said transferee, subject to the several conditions on 
which I hold the same: and I, the said transferee, do 
hereby agree to take the said share [or shares] subject 
to the conditions aforesaid. As witness our hands the 
day of 
Witness to the signatures, of &c. 
19. The directors may decline to register any transfer of shares, 
not being fully paid shares, to a person of whom they do not approve, 
and may also decline to register any transfer of shares on which the 
company has a lien. The directors may also suspend the registra- 
tion of transfers during the fourteen days immediately preceding 
the ordinary general meeting in each year. The directors may 
decline to recognise any instrument of transfer unless— 
(a) a fee not exceeding two shillings and sixpence is paid tc 
the company in respect thereof, and 
the instrument of transfer is accompanied by the certificate 
of the shares to which it relates, and such other evidence 
as the directors may reasonably require to show the right 
of the transferor to make the transfer. 
(0) 
If the directors refuse to register a transfer of any shares, they 
shall within two months after the date on which the transfer was 
lodged with the company send to the transferee notice of the refusal 
20. The legal personal representatives of a deceased sole holder 
of a share shall be the only persons recognised by the company 
as having any title to the share. In the case of a share registered 
in the names of two or more holders, the survivors or survivor, or 
the legal personal representatives of the deceased survivor, shall 
be the only persons recognised by the company as having any title 
to the share. 
2I. Any person becoming entitled to a share in consequence of 
the death or bankruptcy of a member shall, upon such evidence 
being produced as may from time to time be properly required by 
the directors, have the right, either to be registered as a member 
in respect of the share or, instead of being registered himself, to 
make such transfer of the share as the deceased or bankrupt person 
could have made; but the directors shall, in either case, have the 
same right to decline or suspend registration as they would have 
had in the case of a transfer of the share by the deceased or bankrupt 
person before the death or bankruptcy. 
22. A person becoming entitled to a share by reason of the death 
or bankruptcy of the holder shall be entitled to the same dividends 
and other advantages to which he would be entitled if he were the 
registered holder of the share, except that he shall not, before being 
registered as a member in respect of the share, be entitled in respect 
of it to exercise any right conferred by membership in relation to 
meetings of the company.