108 
SECRETARIAL PRACTICE 
similar provision in the articles of association of a registered 
company would be effective seems doubtful. 
3. Transfers.—A transfer of shares held by an infant 
cannot effectually be made except under an order of Court. 
The company should, therefore, refuse to accept a transfer 
made by a shareholder known to be an infant. If it does 
accept such a transfer it may perhaps be made liable to him on 
attaining his majority for any loss sustained by him by reason 
of the transfer. If such an order is made it will authorise some 
named person to transfer on behalf of the infant. But if a 
company does allow an infant to transfer to an adult and 
registers the transferee it cannot afterwards raise any question 
as to the voidability or otherwise of that transfer (Gooch’s 
Case, L.R. 8 Ch. 266). 
4. Calls—An infant is liable to pay calls upon partly paid 
shares held by him unless and until he repudiates his shares. 
Taking shares is not merely a contract, but the purchase of an 
interest to which statutory obligations are attached (North- 
Western Raslway Co. v. McMichael, 5 Exch. 114). This being 
so, it seems that the Infants’ Relief Act, 1874, does not 
affect the matter (Simpson on Infants, 4th ed., p. 37). 
The views set forth may be summarised as follows: — 
I. An infant may be a holder of shares or stock in a com- 
pany. 
2. He cannot compel a company to register him as a holder 
of partly paid shares nor (probably) as a holder of fully paid 
shares or stock. 
3. A company upon discovering that a transferee of shares 
who has been registered as a member is an infant, may apply 
to have the name of the transferor registered in his stead unless 
precluded from doing so by laches. 
4. If a company registers an infant knowing him to be 
such it cannot afterwards repudiate him. 
5. An infant can vote by his guardian at a general meeting 
of the company if the company is governed by the Companies 
Clauses Act, 1845, or if there is express provision for that 
purpose in the articles of association of a registered company. 
He cannot vote personally if the company is governed by 
the Companies Clauses Act, 1845, but if it is incorporated 
under the Companies Acts, he can vote personally in 
the absence of any prohibition express or implied in the 
articles.