19. The executors or administrators of a de- ceased shareholder shall be the only persons recognised by the Company as having any title to his share.

20. Any person becoming entitled to a share in consequence of the death, bankruptcy, or insolvency of any shareholder, or in consequence page 14 of the marriage of any female shareholder, or in any other way than by transfer, may be with the consent of the Directors registered as a Shareholder upon such evidence being produced as may from time to time be required by the Directors.

21. Any person who has become entitled to a share in any way other than by transfer may, with the consent of the Directors, instead of being registered himself, elect to have some person to be named by him registered as a holder of such share.

22. The person so becoming entitled shall testify such election by executing to his nominee a deed of transfer of such share.

23. The instrument of transfer shall be presented to the Directors accompanied with such evidence as they may require to prove the title of the transferor, and thereupon the Directors shall register the transferee as a shareholder if approved by them.