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Page 97

CHAPTER 10
SHARES

Re Bede S.S. Co., Ltd., [1917] 1 Ch. 123. The articles empowered directors to refuse to register a transfer if " in their opinion it is contrary to the interests of the company that the proposed transferee should be a member thereof." The directors declined to register transfers of single shares on the grounds that the transferees were the nominees of the transferor and the transfers were made to increase the number of shareholders supporting the transferor in a policy of which the directors did not approve. Held, the refusal to register could not be justified on these grounds, as the articles only justified a refusal to register on grounds personal to the proposed transferee.

If the articles empower the directors to decline to register transfers without assigning any reasons on the ground that the transferee is a person of whom they do not approve or that he is indebted to the company, they can be interrogated as to the ground on which they have refused registration, although not as to the reasons for their refusal. 1 i But if the articles provide that they shall not be bound to specify the grounds for their refusal, they cannot be interrogated at all. (11)
When the articles provided that no share should be transferred to a person not already a member of the company without the consent of the directors and, to prevent a particular transfer from being registered, a director purposely abstained from attending board meetings so that a quorum could not be obtained, it was held that the transferee was entitled to an order directing the company to register the transfer. (12) If directors have power to decline registration and are equally divided, their power is not exercised, and the transfer must be registered. (13)
Notice of refusal to register a transfer must be given to the transferee Within two months after the date when the transfer was lodged (s. 78).

The penalty for non-compliance is a fine of £5 a day on every director manager secretary, or other officer who is a party to the default.
The remedy of the transferee on a refusal to register his transfer is to take out an originating notice of motion to rectify the register by substituting his name for that of the transferor.

Form of Transfer.-It is not lawful for the company to register a transfer unless " a proper instrument of transfer " has been delivered to the company (s. 75). Presumably any transfer in writing will be a " proper instrument of transfer " if it is approved by the directors in accordance with the articles.
The form of the transfer is governed by the articles. Table A contains the following provisions:
Art. 22.-" The instrument of transfer of any share shall be executed by or on behalf of the transferor and transferee, and except as provided by sub-para. (4) of

11 Berry v. Tottenham Hotspur Football Co., [1935] 1 Ch. 718.
12 Re Copal Varnish Co., Ltd., [1917] 2 Ch. 349.
13 Re Hackney Pavilion, Ltd., [1924] 1 Ch. 276.

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where is HTML where is HEAD where is TITLE Re Bede S.S. Co., Ltd., [1917] 1 Ch. 123. what is articles empowered directors to refuse to register a transfer if " in their opinion it is contrary to what is interests of what is company that what is proposed transferee should be a member thereof." what is directors declined to register transfers of single shares on what is grounds that what is transferees were what is nominees of what is transferor and what is transfers were made to increase what is number of shareholders supporting what is transferor in a policy of which what is directors did not approve. Held, what is refusal to register could not be justified on these grounds, as what is articles only justified a refusal to register on grounds personal to what is proposed transferee. If what is articles empower what is directors to decline to register transfers without assigning any reasons on what is ground that what is transferee is a person of whom they do not approve or that he is indebted to what is company, they can be interrogated as to what is ground on which they have refused registration, although not as to what is reasons for their refusal. 1 i But if what is articles provide that they shall not be bound to specify what is grounds for their refusal, they cannot be interrogated at all. (11) When what is articles provided that no share should be transferred to a person not already a member of what is company without what is consent of what is directors and, to prevent a particular transfer from being registered, a director purposely abstained from attending board meetings so that a quorum could not be obtained, it was held that what is transferee was entitled to an order directing what is company to register what is transfer. (12) If directors have power to decline registration and are equally divided, their power is not exercised, and what is transfer must be registered. (13) Notice of refusal to register a transfer must be given to what is transferee Within two months after what is date when what is transfer was lodged (s. 78). what is penalty for non-compliance is a fine of £5 a day on every director manager secretary, or other officer who is a party to what is default. what is remedy of what is transferee on a refusal to register his transfer is to take out an originating notice of motion to rectify what is register by substituting his name for that of what is transferor. Form of Transfer.-It is not lawful for what is company to register a transfer unless " a proper instrument of transfer " has been delivered to what is company (s. 75). Presumably any transfer in writing will be a " proper instrument of transfer " if it is approved by what is directors in accordance with what is articles. what is form of what is transfer is governed by what is articles. Table A contains what is following provisions: Art. 22.-" what is instrument of transfer of any share shall be executed by or on behalf of what is transferor and transferee, and except as provided by sub-para. (4) of 11 Berry v. Tottenham Hotspur Football Co., [1935] 1 Ch. 718. 12 Re Copal Varnish Co., Ltd., [1917] 2 Ch. 349. 13 Re Hackney Pavilion, Ltd., [1924] 1 Ch. 276. 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 97 where is strong CHAPTER 10 SHARES where is p align="justify" Re Bede S.S. Co., Ltd., [1917] 1 Ch. 123. what is articles empowered directors to refuse to register a transfer if " in their opinion it is contrary to what is interests of what is company that what is proposed transferee should be a member thereof." what is directors declined to register transfers of single shares on what is grounds that what is transferees were what is nominees of what is transferor and what is transfers were made to increase what is number of shareholders supporting what is transferor in a policy of which what is directors did not approve. Held, what is refusal to register could not be justified on these grounds, as what is articles only justified a refusal to register on grounds personal to what is proposed transferee. If what is articles empower what is directors to decline to register transfers without assigning any reasons on what is ground that what is transferee is a person of whom they do not approve or that he is indebted to what is company, they can be interrogated as to what is ground on which they have refused registration, although not as to what is reasons for their refusal. 1 i But if what is articles provide that they shall not be bound to specify what is grounds for their refusal, they cannot be interrogated at all. (11) When what is articles provided that no share should be transferred to a person not already a member of what is company without what is consent of what is directors and, to prevent a particular transfer from being registered, a director purposely abstained from attending board meetings so that a quorum could not be obtained, it was held that what is transferee was entitled to an order directing what is company to register what is transfer. (12) If directors have power to decline registration and are equally divided, their power is not exercised, and what is transfer must be registered. (13) Notice of refusal to register a transfer must be given to what is transferee Within two months after what is date when what is transfer was lodged (s. 78). what is penalty for non-compliance is a fine of £5 a day on every director manager secretary, or other officer who is a party to what is default. what is remedy of what is transferee on a refusal to register his transfer is to take out an originating notice of motion to rectify what is register by substituting his name for that of what is transferor. Form of Transfer.-It is not lawful for what is company to register a transfer unless " a proper instrument of transfer " has been delivered to what is company (s. 75). Presumably any transfer in writing will be a " proper instrument of transfer " if it is approved by what is directors in accordance with what is articles. what is form of what is transfer is governed by what is articles. Table A contains what is following provisions: Art. 22.-" what is instrument of transfer of any share shall be executed by or on behalf of what is transferor and transferee, and except as provided by sub-para. (4) of 11 Berry v. Tottenham Hotspur Football Co., [1935] 1 Ch. 718. 12 Re Copal Varnish Co., Ltd., [1917] 2 Ch. 349. 13 Re Hackney Pavilion, Ltd., [1924] 1 Ch. 276. where is Server.Execute("_SiteMap.asp") %

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