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Page 76

CHAPTER 8
MEMBERSHIP OF A COMPANY

The cases set out above do not exhaust the Court's power to order rectification, which extends to all cases where a name stands on the register without sufficient cause. Accordingly, where shares were registered in the names of two persons, so that the first alone could vote, an order was made to have the holding split into two holdings with the names of the shareholders in a different order. (35)

The application for rectification is by motion or, if the company is being wound up, by summons (Ord. 53B, r. 6). It is served on the company and the registered holder, if neither of them is the applicant. No appearance is necessary (r. 9). The application must be supported by affidavit. If an order is made, notice of the rectification must he given to the Registrar (s. 116 (4)).

Notice of Trusts.-No notice of any trust can be entered on the register or be received by the Registrar in the case of companies registered in England (s. 117). This means that the company is entitled to treat every person on the register of members as the beneficial owner of the shares, regardless of the fact that he may hold them on trust for another. If, therefore, the company registers a transfer of the shares held by a person as trustee, it is under no liability to the beneficiaries even if the sale was a breach of trust and in fraud of the beneficiaries.

Simpson v. Molson's Bank, [1895] A. C. 270. X.'s shares were, on his death, registered in the name of his executors. They subsequently transferred the shares to Y. in breach of the terms of X.'s will, and the transfer was registered by the company. The company had a copy of the will in its possession, and its president was one of X.'s executors. Held, the company did not act wrongfully, as it was only bound to satisfy itself from the will that the executors were executors, and was not concerned with the disposition by X. of his property.

A further result of the rule that no notice of a trust can be entered an the register is that the company is not converted into a trustee for persons claiming the shares under equitable titles. For example, if A., the owner of shares, deposits his share certificate and a blank transfer with B. as security for a debt and afterwards deposits another blank transfer of the same shares with C. as security for another debt, saying that he has lost his share certificate, C. cannot by giving notice to the company affect the company with notice of his interest in the shares or gain any priority over B.(36) The proper method of protecting the interest of a beneficiary in the shares is by notice in lieu of distringas under Ord. 46. As a rule, if a company receives notice of an equitable claim it should allow the person giving the notice to apply for a

35 Burns v. Siemens Brothers, [1919] 1 Ch. 225.
36 Socidtd Ginerale de Paris v. Walker (1885), 11 A. C. 20.

travel books:
where is HTML where is HEAD where is TITLE The cases set out above do not exhaust what is Court's power to order rectification, which extends to all cases where a name stands on what is register without sufficient cause. Accordingly, where shares were registered in what is names of two persons, so that what is first alone could vote, an order was made to have what is holding split into two holdings with what is names of what is shareholders in a different order. (35) what is application for rectification is by motion or, if what is company is being wound up, by summons (Ord. 53B, r. 6). It is served on what is company and what is registered holder, if neither of them is what is applicant. No appearance is necessary (r. 9). what is application must be supported by affidavit. If an order is made, notice of what is rectification must he given to what is Registrar (s. 116 (4)). Notice of Trusts.-No notice of any trust can be entered on what is register or be received by what is Registrar in what is case of companies registered in England (s. 117). This means that what is company is entitled to treat every person on what is register of members as what is beneficial owner of what is shares, regardless of what is fact that he may hold them on trust for another. If, therefore, what is company registers a transfer of what is shares held by a person as trustee, it is under no liability to what is beneficiaries even if what is sale was a breach of trust and in fraud of what is beneficiaries. Simpson v. Molson's Bank, [1895] A. C. 270. X.'s shares were, on his what time is it , registered in what is name of his executors. They subsequently transferred what is shares to Y. in breach of what is terms of X.'s will, and what is transfer was registered by what is company. what is company had a copy of what is will in its possession, and its president was one of X.'s executors. Held, what is company did not act wrongfully, as it was only bound to satisfy itself from what is will that what is executors were executors, and was not concerned with what is disposition by X. of his property. A further result of what is rule that no notice of a trust can be entered an what is register is that what is company is not converted into a trustee for persons claiming what is shares under equitable titles. For example, if A., what is owner of shares, deposits his share certificate and a blank transfer with B. as security for a debt and afterwards deposits another blank transfer of what is same shares with C. as security for another debt, saying that he has lost his share certificate, C. cannot by giving notice to what is company affect what is company with notice of his interest in what is shares or gain any priority over B.(36) what is proper method of protecting what is interest of a beneficiary in what is shares is by notice in lieu of distringas under Ord. 46. As a rule, if a company receives notice of an equitable claim it should allow what is person giving what is notice to apply for a 35 Burns v. Siemens Brothers, [1919] 1 Ch. 225. 36 Socidtd Ginerale de Paris v. Walker (1885), 11 A. C. 20. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 76 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" The cases set out above do not exhaust what is Court's power to order rectification, which extends to all cases where a name stands on what is register without sufficient cause. Accordingly, where shares were registered in what is names of two persons, so that what is first alone could vote, an order was made to have what is holding split into two holdings with what is names of what is shareholders in a different order. (35) what is application for rectification is by motion or, if what is company is being wound up, by summons (Ord. 53B, r. 6). It is served on what is company and what is registered holder, if neither of them is what is applicant. No appearance is necessary (r. 9). what is application must be supported by affidavit. If an order is made, notice of what is rectification must he given to what is Registrar (s. 116 (4)). Notice of Trusts.-No notice of any trust can be entered on what is register or be received by what is Registrar in what is case of companies registered in England (s. 117). This means that what is company is entitled to treat every person on what is register of members as what is beneficial owner of what is shares, regardless of what is fact that he may hold them on trust for another. If, therefore, what is company registers a transfer of what is shares held by a person as trustee, it is under no liability to what is beneficiaries even if what is sale was a breach of trust and in fraud of what is beneficiaries. Simpson v. Molson's Bank, [1895] A. C. 270. X.'s shares were, on his what time is it , registered in what is name of his executors. They subsequently transferred what is shares to Y. in breach of what is terms of X.'s will, and what is transfer was registered by what is company. what is company had a copy of what is will in its possession, and its president was one of X.'s executors. Held, what is company did not act wrongfully, as it was only bound to satisfy itself from what is will that what is executors were executors, and was not concerned with what is disposition by X. of his property. A further result of what is rule that no notice of a trust can be entered an what is register is that what is company is not converted into a trustee for persons claiming what is shares under equitable titles. For example, if A., what is owner of shares, deposits his share certificate and a blank transfer with B. as security for a debt and afterwards deposits another blank transfer of what is same shares with C. as security for another debt, saying that he has lost his share certificate, C. cannot by giving notice to what is company affect what is company with notice of his interest in what is shares or gain any priority over B.(36) what is proper method of protecting what is interest of a beneficiary in what is shares is by notice in lieu of distringas under Ord. 46. As a rule, if a company receives notice of an equitable claim it should allow what is person giving what is notice to apply for a 35 Burns v. Siemens Brothers, [1919] 1 Ch. 225. 36 Socidtd Ginerale de Paris v. Walker (1885), 11 A. C. 20. where is Server.Execute("_SiteMap.asp") %

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