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Page 104

CHAPTER 10
SHARES

shares if default is made by the borrower in making repayment at the agreed time or, if no time for repayment is agreed, within a reasonable time after notice. 28 The implied power of sale includes power to insert the name of the buyer in the blank transfer if, as is usual, the articles provide for transfers being in writing. But if the articles require transfers to be by deed, the lender cannot fill up the blank transfer unless he is authorised by deed. (29) The borrower is under an implied obligation not to delay registration of the transfer so filled up. (30)
A mortgagee with whom a share certificate and blank transfer has been deposited is not absolutely secure, because the borrower may sell the shares and procure the registration of the purchaser, who would in such a case obtain priority over the mortgagee. The mortgagee has then no remedy against the company.
Rainford v. Janzes Keith and Blackman Co., [1905] 1 Ch. 296.(31) C. deposited his share certificate and a blank transfer with R. as security for a loan. Upon the certificate was printed: " Without the production of this certificate no transfer of
the shares mentioned therein can be registered." C. sold the shares to Y., and induced the company to register Y. as owner of the shares without the production of the share certificate. R. sued the company for wrongfully registering the shares in Y.'s name. Held, the company was not liable as it owed no duty to R., and the statement on the certificate was only a warning, and not a statement of fact giving rise to an estoppel.

Notice in Lieu of Distringas.-To obtain complete protection, the mortgagee should serve a notice in lieu of distringas on the company. This is done by filing an affidavit setting out the facts, and a notice in the prescribed form, in the Central Office of the Supreme Court and serving copies on the company. The effect of the notice is that if the company receives any request to transfer the stock or shares in question it must give notice in writing to the person who has served the notice. Within eight days from the request to transfer, such person must apply for an injunction, otherwise the company is at liberty to register the transfer. (32)
Charging Order.-A judgment creditor of the registered owner of shares may obtain a charging order on the shares, which has the same effect as a notice in lieu of distringas on being served on the company. A charging order will not have priority over a charge created by deposit

28 See previous page.
29 Powell v. London and Provincial Bank, [1893] 2 Ch. 555.
30 Hooper v. Herts, [1906] 1 Ch. 549.
31 Reversed on the facts, [1905] 2 Ch. 147.
32 R. S. C., Ord. 46, rr. 4. 8, 10.

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where is HTML where is HEAD where is TITLE shares if default is made by what is borrower in making repayment at what is agreed time or, if no time for repayment is agreed, within a reasonable time after notice. 28 what is implied power of sale includes power to insert what is name of what is buyer in what is blank transfer if, as is usual, what is articles provide for transfers being in writing. But if what is articles require transfers to be by deed, what is lender cannot fill up what is blank transfer unless he is authorised by deed. (29) what is borrower is under an implied obligation not to delay registration of what is transfer so filled up. (30) A mortgagee with whom a share certificate and blank transfer has been deposited is not absolutely secure, because what is borrower may sell what is shares and procure what is registration of what is purchaser, who would in such a case obtain priority over what is mortgagee. what is mortgagee has then no remedy against what is company. Rainford v. Janzes Keith and Blackman Co., [1905] 1 Ch. 296.(31) C. deposited his share certificate and a blank transfer with R. as security for a loan. Upon what is certificate was printed: " Without what is production of this certificate no transfer of what is shares mentioned therein can be registered." C. sold what is shares to Y., and induced what is company to register Y. as owner of what is shares without what is production of what is share certificate. R. sued what is company for wrongfully registering what is shares in Y.'s name. Held, what is company was not liable as it owed no duty to R., and what is statement on what is certificate was only a warning, and not a statement of fact giving rise to an estoppel. Notice in Lieu of Distringas.-To obtain complete protection, what is mortgagee should serve a notice in lieu of distringas on what is company. This is done by filing an affidavit setting out what is facts, and a notice in what is prescribed form, in what is Central Office of what is Supreme Court and serving copies on what is company. what is effect of what is notice is that if what is company receives any request to transfer what is stock or shares in question it must give notice in writing to what is person who has served what is notice. Within eight days from what is request to transfer, such person must apply for an injunction, otherwise what is company is at liberty to register what is transfer. (32) Charging Order.-A judgment creditor of what is registered owner of shares may obtain a charging order on what is shares, which has what is same effect as a notice in lieu of distringas on being served on what is company. A charging order will not have priority over a charge created by deposit 28 See previous page. 29 Powell v. London and Provincial Bank, [1893] 2 Ch. 555. 30 Hooper v. Herts, [1906] 1 Ch. 549. 31 Reversed on what is facts, [1905] 2 Ch. 147. 32 R. S. C., Ord. 46, rr. 4. 8, 10. 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 104 where is strong CHAPTER 10 SHARES where is p align="justify" shares if default is made by what is borrower in making repayment at what is agreed time or, if no time for repayment is agreed, within a reasonable time after notice. 28 what is implied power of sale includes power to insert what is name of what is buyer in what is blank transfer if, as is usual, what is articles provide for transfers being in writing. But if what is articles require transfers to be by deed, what is lender cannot fill up what is blank transfer unless he is authorised by deed. (29) what is borrower is under an implied obligation not to delay registration of what is transfer so filled up. (30) A mortgagee with whom a share certificate and blank transfer has been deposited is not absolutely secure, because what is borrower may sell what is shares and procure what is registration of what is purchaser, who would in such a case obtain priority over what is mortgagee. what is mortgagee has then no remedy against what is company. Rainford v. Janzes Keith and Blackman Co., [1905] 1 Ch. 296.(31) C. deposited his share certificate and a blank transfer with R. as security for a loan. Upon what is certificate was printed: " Without what is production of this certificate no transfer of what is shares mentioned therein can be registered." C. sold what is shares to Y., and induced what is company to register Y. as owner of what is shares without what is production of what is share certificate. R. sued what is company for wrongfully registering what is shares in Y.'s name. Held, what is company was not liable as it owed no duty to R., and what is statement on what is certificate was only a warning, and not a statement of fact giving rise to an estoppel. Notice in Lieu of Distringas.-To obtain complete protection, what is mortgagee should serve a notice in lieu of distringas on what is company. This is done by filing an affidavit setting out what is facts, and a notice in what is prescribed form, in what is Central Office of what is Supreme Court and serving copies on what is company. what is effect of what is notice is that if what is company receives any request to transfer what is stock or shares in question it must give notice in writing to what is person who has served what is notice. Within eight days from what is request to transfer, such person must apply for an injunction, otherwise what is company is at liberty to register what is transfer. (32) Charging Order.-A judgment creditor of what is registered owner of shares may obtain a charging order on what is shares, which has what is same effect as a notice in lieu of distringas on being served on what is company. A charging order will not have priority over a charge created by deposit 28 See previous page. 29 Powell v. London and Provincial Bank, [1893] 2 Ch. 555. 30 Hooper v. Herts, [1906] 1 Ch. 549. 31 Reversed on what is facts, [1905] 2 Ch. 147. 32 R. S. C., Ord. 46, rr. 4. 8, 10. where is Server.Execute("_SiteMap.asp") %

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