Transmission of Shares.

10. The executors or administrators of a deceased shareholder shall be the only persons recognized by the Company as having any title to his share.

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

12. Any person who has become entitled to a share in any way other than by transfer may, instead of being registered himself, elect to have some person to be named by him registered as a holder of such share, but the Directors shall not be obliged to register the transferee unless the transferee is approved by the Directors.

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

14. The deed of transfer shall be presented to the Directors, accompanied with such evidence as they may require to prove the title of the transfer or, and thereupon the Directors shall register the transferee if approved as a shareholder.