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Page 103

CHAPTER 10
SHARES

The personal representative can transfer the shares without himself becoming a member (s. 76). Table A, Art. 30, provides:

"Any person becoming entitled to a share in consequence of the death or bankruptcy of a member may, upon such evidence being produced as may from time to time properly be required by the directors and subject as hereinafter provided, elect either to be registered himself as holder of the share or to have some person nominated by him registered as the transferee thereof, but the directors shall in either case have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by that member before his death or bankruptcy as the case may be."

When shares are jointly held, the survivor becomes the sole holder, but the estate of the deceased joint holder is not released from any liability in respect of the share. See Table A, Art. 29.
On the bankruptcy of a member, the trustee in bankruptcy may either be registered as a member himself or transfer the shares without his being registered as a member.

MORTGAGE OF SHARES
Mortgages of shares may be legal or equitable.
1. Legal Mortgage.-This is effected by transferring the shares to the lender followed by registration of the transfer with the company. There should also be a document setting out the terms of the loan and containing an agreement to re-transfer the shares on payment of the amount borrowed with interest. This form of mortgage gives the lender complete security up to the value of the shares. If default is made, he can sell the shares in accordance with the terms set out in the document. He will be entitled to receive the dividends and to exercise the voting rights in respect of the shares, unless it is agreed that the dividends shall be paid to the borrower and that he shall exercise the voting rights as the borrower directs.
2. Equitable Mortgage.-This may be done by depositing the share certificate with the lender as security for a loan. In such a case the lender can enforce his security by applying to the Court for a sale or for an order for transfer and foreclosure. (28)
A method more commonly adopted is for the borrower to deposit with the lender the share certificate together with a blank transfer, i.e., a transfer signed by the borrower with the transferee's name left blank. In such a case the lender has an implied power to sell the

28 Harrold v. Plenty, [1901] 2 Ch. 314.

travel books:
where is HTML where is HEAD where is TITLE The personal representative can transfer what is shares without himself becoming a member (s. 76). Table A, Art. 30, provides: "Any person becoming entitled to a share in consequence of what is what time is it or bankruptcy of a member may, upon such evidence being produced as may from time to time properly be required by what is directors and subject as hereinafter provided, elect either to be registered himself as holder of what is share or to have some person nominated by him registered as what is transferee thereof, but what is directors shall in either case have what is same right to decline or suspend registration as they would have had in what is case of a transfer of what is share by that member before his what time is it or bankruptcy as what is case may be." When shares are jointly held, what is survivor becomes what is sole holder, but what is estate of what is deceased joint holder is not released from any liability in respect of what is share. See Table A, Art. 29. On what is bankruptcy of a member, what is trustee in bankruptcy may either be registered as a member himself or transfer what is shares without his being registered as a member. MORTGAGE OF SHARES Mortgages of shares may be legal or equitable. 1. Legal Mortgage.-This is effected by transferring what is shares to what is lender followed by registration of what is transfer with what is company. There should also be a document setting out what is terms of what is loan and containing an agreement to re-transfer what is shares on payment of what is amount borrowed with interest. This form of mortgage gives what is lender complete security up to what is value of what is shares. If default is made, he can sell what is shares in accordance with what is terms set out in what is document. He will be entitled to receive what is dividends and to exercise what is voting rights in respect of what is shares, unless it is agreed that what is dividends shall be paid to what is borrower and that he shall exercise what is voting rights as what is borrower directs. 2. Equitable Mortgage.-This may be done by depositing what is share certificate with what is lender as security for a loan. In such a case what is lender can enforce his security by applying to what is Court for a sale or for an order for transfer and foreclosure. (28) A method more commonly adopted is for what is borrower to deposit with what is lender what is share certificate together with a blank transfer, i.e., a transfer signed by what is borrower with what is transferee's name left blank. In such a case what is lender has an implied power to sell what is 28 Harrold v. Plenty, [1901] 2 Ch. 314. 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 103 where is strong CHAPTER 10 SHARES where is p align="justify" The personal representative can transfer what is shares without himself becoming a member (s. 76). Table A, Art. 30, provides: "Any person becoming entitled to a share in consequence of what is what time is it or bankruptcy of a member may, upon such evidence being produced as may from time to time properly be required by what is directors and subject as hereinafter provided, elect either to be registered himself as holder of what is share or to have some person nominated by him registered as what is transferee thereof, but what is directors shall in either case have what is same right to decline or suspend registration as they would have had in what is case of a transfer of what is share by that member before his what time is it or bankruptcy as what is case may be." When shares are jointly held, what is survivor becomes what is sole holder, but what is estate of what is deceased joint holder is not released from any liability in respect of what is share. See Table A, Art. 29. On what is bankruptcy of a member, what is trustee in bankruptcy may either be registered as a member himself or transfer what is shares without his being registered as a member. MORTGAGE OF SHARES Mortgages of shares may be legal or equitable. 1. Legal Mortgage.-This is effected by transferring what is shares to what is lender followed by registration of what is transfer with what is company. There should also be a document setting out what is terms of what is loan and containing an agreement to re-transfer what is shares on payment of what is amount borrowed with interest. This form of mortgage gives what is lender complete security up to what is value of what is shares. If default is made, he can sell what is shares in accordance with what is terms set out in what is document. He will be entitled to receive what is dividends and to exercise what is voting rights in respect of what is shares, unless it is agreed that what is dividends shall be paid to what is borrower and that he shall exercise what is voting rights as what is borrower directs. 2. Equitable Mortgage.-This may be done by depositing what is share certificate with what is lender as security for a loan. In such a case what is lender can enforce his security by applying to what is Court for a sale or for an order for transfer and foreclosure. (28) A method more commonly adopted is for what is borrower to deposit with what is lender what is share certificate together with a blank transfer, i.e., a transfer signed by what is borrower with what is transferee's name left blank. In such a case what is lender has an implied power to sell what is 28 Harrold v. Plenty, [1901] 2 Ch. 314. where is Server.Execute("_SiteMap.asp") %

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