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Page 110

CHAPTER 10
SHARES

advance the amount of their calls and applied the money in discharging the company's bank overdraft, which they had guaranteed, it was held that their shares were fully paid up. (49)

LIEN
The articles may give the company a lien on the shares held by a member. Such a lien is an equitable charge upon the shares, and gives rise to the same rights as if the shares had been expressly charged by the member in favour of the company. (50)

Table A, Art. 11, provides:

"The company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and the company shall also have a first and paramount lien on all shares (other than fully paid shares) standing registered in the name of a single person for all moneys presently payable by him or his estate to the company; but the directors may at any time declare any share to be wholly or in part exempt from the provisions of this regulation. The company's lien, if any, on a share shall extend to all dividends payable thereon."

The articles may grant a lien on shares which are fully paid, but in such a case an official quotation on the Stock Exchange cannot be obtained. If the lien given by the articles extends only to shares not fully paid, the company can alter its articles so as to give a lien on all shares, even if only one member will be affected by the alteration.
Allen v. Gold Reefs of West Africa, [1900] 1 Ch. 656. The articles gave alien on shares not fully paid. Z. held a number of shares not fully paid, and was also the only shareholder of fully paid shares. On his death, his assets were insufficient to pay the calls on the unpaid shares, and the articles were therefore altered so as to give the company a lien on all shares, whether fully paid or not. Held, the company had power to do so.
A shareholder against whom a lien is exercised can compel the company to assign its lien, on his paying off the amount of the lien. (51)

How Lien is Enforced.-A lien is enforced, like any other equitable charge, by applying to the Court for an order for sale. To avoid the necessity of an application to the Court, the articles usually give a power of sale. Table A provides:

12. The company may sell, in such manner as the directors think fit, any shares on which the company has a lien, but no sale shall be made unless a sum in respect of which the lien exists is presently payable, nor until the expiration of fourteen days

49 Poole's Case (1878), 9 Ch. D. 322. Qucere, whether this case does not overrule Sykes' Case.
50 Everitt v. Automatic Weighing Machine Co., [1892] 3 Ch. 506.
51 Everitt's Case, supra.

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where is HTML where is HEAD where is TITLE advance what is amount of their calls and applied what is money in discharging what is company's bank overdraft, which they had guaranteed, it was held that their shares were fully paid up. (49) LIEN what is articles may give what is company a lien on what is shares held by a member. Such a lien is an equitable charge upon what is shares, and gives rise to what is same rights as if what is shares had been expressly charged by what is member in favour of what is company. (50) Table A, Art. 11, provides: "The company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and what is company shall also have a first and paramount lien on all shares (other than fully paid shares) standing registered in what is name of a single person for all moneys presently payable by him or his estate to what is company; but what is directors may at any time declare any share to be wholly or in part exempt from what is provisions of this regulation. what is company's lien, if any, on a share shall extend to all dividends payable thereon." what is articles may grant a lien on shares which are fully paid, but in such a case an official quotation on what is Stock Exchange cannot be obtained. If what is lien given by what is articles extends only to shares not fully paid, what is company can alter its articles so as to give a lien on all shares, even if only one member will be affected by what is alteration. Allen v. Gold Reefs of West Africa, [1900] 1 Ch. 656. what is articles gave alien on shares not fully paid. Z. held a number of shares not fully paid, and was also what is only shareholder of fully paid shares. On his what time is it , his assets were insufficient to pay what is calls on what is unpaid shares, and what is articles were therefore altered so as to give what is company a lien on all shares, whether fully paid or not. Held, what is company had power to do so. A shareholder against whom a lien is exercised can compel what is company to assign its lien, on his paying off what is amount of what is lien. (51) How Lien is Enforced.-A lien is enforced, like any other equitable charge, by applying to what is Court for an order for sale. To avoid what is necessity of an application to what is Court, what is articles usually give a power of sale. Table A provides: 12. what is company may sell, in such manner as what is directors think fit, any shares on which what is company has a lien, but no sale shall be made unless a sum in respect of which what is lien exists is presently payable, nor until what is expiration of fourteen days 49 Poole's Case (1878), 9 Ch. D. 322. Qucere, whether this case does not overrule Sykes' Case. 50 Everitt v. Automatic Weighing Machine Co., [1892] 3 Ch. 506. 51 Everitt's Case, supra. 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 110 where is strong CHAPTER 10 SHARES where is p align="justify" advance what is amount of their calls and applied what is money in discharging what is company's bank overdraft, which they had guaranteed, it was held that their shares were fully paid up. (49) LIEN what is articles may give what is company a lien on what is shares held by a member. Such a lien is an equitable charge upon what is shares, and gives rise to what is same rights as if what is shares had been expressly charged by what is member in favour of what is company. (50) Table A, Art. 11, provides: "The company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and what is company shall also have a first and paramount lien on all shares (other than fully paid shares) standing registered in what is name of a single person for all moneys presently payable by him or his estate to what is company; but what is directors may at any time declare any share to be wholly or in part exempt from what is provisions of this regulation. what is company's lien, if any, on a share shall extend to all dividends payable thereon." what is articles may grant a lien on shares which are fully paid, but in such a case an official quotation on what is Stock Exchange cannot be obtained. If what is lien given by what is articles extends only to shares not fully paid, what is company can alter its articles so as to give a lien on all shares, even if only one member will be affected by what is alteration. Allen v. Gold Reefs of West Africa, [1900] 1 Ch. 656. what is articles gave alien on shares not fully paid. Z. held a number of shares not fully paid, and was also what is only shareholder of fully paid shares. On his what time is it , his assets were insufficient to pay what is calls on what is unpaid shares, and what is articles were therefore altered so as to give what is company a lien on all shares, whether fully paid or not. Held, what is company had power to do so. A shareholder against whom a lien is exercised can compel what is company to assign its lien, on his paying off what is amount of what is lien. (51) How Lien is Enforced.-A lien is enforced, like any other equitable charge, by applying to what is Court for an order for sale. To avoid what is necessity of an application to what is Court, what is articles usually give a power of sale. Table A provides: 12. what is company may sell, in such manner as what is directors think fit, any shares on which what is company has a lien, but no sale shall be made unless a sum in respect of which what is lien exists is presently payable, nor until what is expiration of fourteen days 49 Poole's Case (1878), 9 Ch. D. 322. Qucere, whether this case does not overrule Sykes' Case. 50 Everitt v. Automatic Weighing Machine Co., [1892] 3 Ch. 506. 51 Everitt's Case, supra. where is Server.Execute("_SiteMap.asp") %

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