105. The Company shall not be bound by or recognise any agreement to transfer or charge any registered share or any equitable contingent, future or partial interest or other right in, to, or in respect of such share except an absolute right thereto, in the person from time to time registered as the holder thereof, and except also the rights given by Article 107.

106. The Company shall have a first and paramount lien and charge available at law and in equity upon all the registered shares of any Shareholder for all moneys owing to the Company from him alone or jointly with any other person; and when a registered share is held by more persons than one, the Company shall have a lien and charge thereon in respect of all moneys so owing to them from all or any of the holders thereof alone or jointly with any other person, and in any case whether such money shall be due or payable or not, and the Company may decline to register any transfer page 36 of shares made by a Shareholder who is indebted to them.

107. A husband, executor, administrator, assignee, or trustee of any female, deceased, or bankrupt Registered Shareholder shall not, as such, be a shareholder; but may transfer any share of the respective incapacitated or deceased Registered Shareholders; or at his option be registered himself as a shareholder in respect thereof, after producing to the Board such proof of his title as reasonably satisfies them; and an entry of the proof shall be made in the minutes of their proceedings.

108. A transfer of a registered share shall not be made by any person until after he has given to the Secretary, or left at the office, notice in writing of the number of every share desired to be transferred, and of the name, residence, and description of the proposed transferee, and answered such questions as to the position of such transferee as the Board may put, and he has paid the transfer fee of Two Shillings and Sixpence, or such less sum as the Board prescribe.

109. A transfer of a registered share shall not he made to any person who shall not be approved 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.

110. No transfer of a registered share, except a paid up share, shall be made to an infant or to a married woman.

111. A person shall not be registered as the transferee of a registered share until he has left the page 37 instrument of transfer of the share executed in accordance with the Statutes at the office, to he kept with the records of the Company, but to be produced on every reasonable request, and at the expense (if any) of the transferor, or transferee, or his representatives; but in any case in which in the judgment of the Board this Article ought not to be insisted on, they may dispense with it.

112. The Registers of Shareholders and of Transfers shalt be kept by the Secretary, under the control of the Board.

113. Every Registered Shareholder shall, from time to time, name to the Secretary a place of address to be registered as his place of residence, and the place so from time to time registered shall, for the purposes of the Statutes and these presents, be deemed his place of residence.