12. The instrument of transfer of any share in the Company shall be executed both by the transferor and the transferee, and the transferor shall be deemed to remain the holder of such share until the name of the transferee is entered in the proper Register in respect thereof.

13. Shares may be transferee! in the following form, or to the like effect:—

"I ___ of ___ in consideration of the sum of paid to me by ___ of ___ do hereby transfer to the said ___ shares numbered in "The Union Fire and Marine Insurance Company of New Zealand" standing in my name in the books of the said Company To hold unto the said ___ his executors administrators and assigns subject to the Regulations of the Company and to the several conditions on which I hold the same at the time of the execution hereof And I the said ___ do hereby agree to take the said shares subject t to the regulations and conditions aforesaid As witness our hands the day of

14. The Directors may decline to register any transfer of shares made by a shareholder who is indebted to the Company.

15. The Directors may refuse to register the transfer of a share, the registered owner where of, or his estate, either alone or jointly with any other person or estate, is indebted to the Company for any call or instalment, or interest, or other charge there on, notwithstanding the amount may not be then due or immediately recoverable; or if the transferee fail to produce to and leave with the secretary, manager, or other officer appointed by the Directors, the certificate of the share, if required so to do; or if the Directors consider the proposed transferee to be an irresponsible person, or (without assigning any reason) object to page 14 admit him as a member. And no transfer of a share shall be made to any person who shall not be approved of by the Directors, and they shall have absolute discretion, not control able by any court of law or equity, as to accepting or rejecting the transferee, and shall not be bound to give any reason for their rejecting him.

16. Every shareholder shall be entitled to a certificate under the common seal of the Company, specifying the share or shares held by him and the amount paid up thereon; and upon any transfer of shares the sum of two shillings and sixpence shall be payable to the Company.

17. If such certificate is worn out or lost it

18. The transfer books shall be closed during the six weeks immediately preceding the ordinary general meeting in each year, or for such lesser period as the Directors may from time to time determine.