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The Pamphlet Collection of Sir Robert Stout: Volume 88

Transfer of Shares

Transfer of Shares.

15. Except in the case of fully paid up shares, no transfer shall be made to any person who shall not be approved of by the Board, and they shall have an absolute discretion not controllable 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. Upon every transfer of shares in the Company, the sum of 3d. per share shall be paid to the Company prior to the registration of such transfer in the books of the Company, but so that not more than five shillings shall be paid upon any one transfer.

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10. In all cases where a shareholder either solely or jointly with any other person or persons is or shall become directly or indirectly a debtor to the Company, or to any person or persons on behalf of the Company; or shall be under any engagement of any kind to the Company, such debts and engagements of such shareholder shall be first and paramount charges upon the share or shares held by him, and upon the dividends or interest accruing thereon, and shall take precedence of all claims of all other creditors of such shareholder, or of his assigns whether voluntary or legal, and if such shareholder shall not within a time to be fixed by the Board to pay and satisfy all such debts and engagements, pay and satisfy all such debts and engagements, the share or shares of such shareholder shall thereupon become absolutely forfeited to the Company; and it shall be lawful for the Board without notice to such shareholder, and either by public auction or private contract, absolutely to sell such share or shares, or so many thereof as shall be necessary and sufficient for the purpose of paying off and discharging all such debts and engagements, and to apply the proceeds thereof, together with the dividends and interest due thereon in liquidation of such debts and engagements, and the balance of the nett proceeds of any such sale after payment and satisfaction of such debts and engagements shall be paid over to the late proprietor of such share or shares or to his or her assigns.

18. The provisions of the last preceding clause shall apply to and authorise the forfeiture and sale of any shares standing in names of more than one person, in respect of any debts and engagements of any one or more of such persons to the Company.

19. The transfer books shall be closed during the fourteen days immediately preceding the ordinary general meeting in each year, and notice of such closing shall be given by advertisement, as provided by the Joint-Stock Companies Act, 1860.