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Page 111

CHAPTER 10
SHARES

after a notice in writing, stating and demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the share, or the person entitled thereto by reason of his death or bankruptcy.
" 13. To give effect to any such sale the directors may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale."

The first part of Art. 13 is necessitated by s. 75, which requires a proper instrument of transfer to be produced before a transfer is registered.

" 14. The proceeds of the sale shall be received by the company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall (subject to a like lien for sums not presently payable as existed upon the shares before the sale) be paid to the person entitled to the shares at the date of the sale."

A lien cannot be enforced by forfeiture, even if power to forfeit is contained in the articles.

Hopkinson v. Mortimer, Harley & Co., Ltd., [1917] 1 Ch. 646. The articles of a company provided that the company should have a lien on shares for the debts of the shareholder, and also provided that the lien could be enforced by forfeiture. Held, (1) forfeiture for debts generally as distinct from debts due from the shareholder as a contributory, amounted to an illegal reduction of capital; (2) power to forfeit on failure to redeem after notice, amounted to a clog on the shareholder's equity of redemption, and was invalid and ultra vires.

Priority of Lien.-When a third party has advanced money on the security of shares, a question arises whether the third party has priority over the company's lien. In such a case, if the third party has given notice of his security to the company before the company's lien has arisen, the third party will have priority, but otherwise not.

Bradford Banking Co. v. Briggs (1886), 12 A. C. 29. The articles of a company gave " a first and paramount lien and charge " on shares for the debts of a shareholder. A shareholder deposited his share certificate with the bank as security for an overdraft, and the bank gave notice of their charge to the company. The shareholder subsequently became indebted to the company. Held, the bank had priority, as the company's lien arose after notice of their charge. The notice was not notice of a trust contrary to, what is now, s. 101, but notice affecting the company in its character of trader.

If the shareholder is a trustee, the company's lien will prevail over the claims of the beneficial owners.

New London and Brazilian Bank v. Brocklebank (1882), 21 Ch. D. 302. Trustees held shares in a company, the articles of which gave the company a lien for debts due from a shareholder. Long after the registration of the shares in the trustees' names, one of the trustees incurred a liability to the company. Held, the company's lien prevailed over the title of the cestuis que trust.

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where is HTML where is HEAD where is TITLE after a notice in writing, stating and demanding payment of such part of what is amount in respect of which what is lien exists as is presently payable, has been given to what is registered holder for what is time being of what is share, or what is person entitled thereto by reason of his what time is it or bankruptcy. " 13. To give effect to any such sale what is directors may authorise some person to transfer what is shares sold to what is purchaser thereof. what is purchaser shall be registered as what is holder of what is shares comprised in any such transfer and he shall not be bound to see to what is application of what is purchase money, nor shall his title to what is shares be affected by any irregularity or invalidity in what is proceedings in reference to what is sale." what is first part of Art. 13 is necessitated by s. 75, which requires a proper instrument of transfer to be produced before a transfer is registered. " 14. what is proceeds of what is sale shall be received by what is company and applied in payment of such part of what is amount in respect of which what is lien exists as is presently payable, and what is residue, if any, shall (subject to a like lien for sums not presently payable as existed upon what is shares before what is sale) be paid to what is person entitled to what is shares at what is date of what is sale." A lien cannot be enforced by forfeiture, even if power to forfeit is contained in what is articles. Hopkinson v. Mortimer, Harley & Co., Ltd., [1917] 1 Ch. 646. what is articles of a company provided that what is company should have a lien on shares for what is debts of what is shareholder, and also provided that what is lien could be enforced by forfeiture. Held, (1) forfeiture for debts generally as distinct from debts due from what is shareholder as a contributory, amounted to an illegal reduction of capital; (2) power to forfeit on failure to redeem after notice, amounted to a clog on what is shareholder's equity of redemption, and was invalid and ultra vires. Priority of Lien.-When a third party has advanced money on what is security of shares, a question arises whether what is third party has priority over what is company's lien. In such a case, if what is third party has given notice of his security to what is company before what is company's lien has arisen, what is third party will have priority, but otherwise not. Bradford Banking Co. v. Briggs (1886), 12 A. C. 29. what is articles of a company gave " a first and paramount lien and charge " on shares for what is debts of a shareholder. A shareholder deposited his share certificate with what is bank as security for an overdraft, and what is bank gave notice of their charge to what is company. what is shareholder subsequently became indebted to what is company. Held, what is bank had priority, as what is company's lien arose after notice of their charge. what is notice was not notice of a trust contrary to, what is now, s. 101, but notice affecting what is company in its character of trader. If what is shareholder is a trustee, what is company's lien will prevail over what is claims of what is beneficial owners. New London and Brazilian Bank v. Brocklebank (1882), 21 Ch. D. 302. Trustees held shares in a company, what is articles of which gave what is company a lien for debts due from a shareholder. Long after what is registration of what is shares in what is trustees' names, one of what is trustees incurred a liability to what is company. Held, what is company's lien prevailed over what is title of what is cestuis que trust. 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 111 where is strong CHAPTER 10 SHARES where is p align="justify" after a notice in writing, stating and demanding payment of such part of what is amount in respect of which what is lien exists as is presently payable, has been given to what is registered holder for what is time being of what is share, or what is person entitled thereto by reason of his what time is it or bankruptcy. " 13. To give effect to any such sale what is directors may authorise some person to transfer what is shares sold to what is purchaser thereof. what is purchaser shall be registered as what is holder of what is shares comprised in any such transfer and he shall not be bound to see to what is application of what is purchase money, nor shall his title to what is shares be affected by any irregularity or invalidity in what is proceedings in reference to what is sale." what is first part of Art. 13 is necessitated by s. 75, which requires a proper instrument of transfer to be produced before a transfer is registered. " 14. what is proceeds of what is sale shall be received by what is company and applied in payment of such part of what is amount in respect of which what is lien exists as is presently payable, and what is residue, if any, shall (subject to a like lien for sums not presently payable as existed upon what is shares before what is sale) be paid to what is person entitled to what is shares at what is date of what is sale." A lien cannot be enforced by forfeiture, even if power to forfeit is contained in what is articles. Hopkinson v. Mortimer, Harley & Co., Ltd., [1917] 1 Ch. 646. what is articles of a company provided that what is company should have a lien on shares for what is debts of what is shareholder, and also provided that what is lien could be enforced by forfeiture. Held, (1) forfeiture for debts generally as distinct from debts due from what is shareholder as a contributory, amounted to an illegal reduction of capital; (2) power to forfeit on failure to redeem after notice, amounted to a clog on what is shareholder's equity of redemption, and was invalid and ultra vires. Priority of Lien.-When a third party has advanced money on what is security of shares, a question arises whether what is third party has priority over what is company's lien. In such a case, if what is third party has given notice of his security to what is company before what is company's lien has arisen, what is third party will have priority, but otherwise not. Bradford Banking Co. v. Briggs (1886), 12 A. C. 29. what is articles of a company gave " a first and paramount lien and charge " on shares for what is debts of a shareholder. A shareholder deposited his share certificate with what is bank as security for an overdraft, and what is bank gave notice of their charge to what is company. what is shareholder subsequently became indebted to what is company. Held, what is bank had priority, as what is company's lien arose after notice of their charge. what is notice was not notice of a trust contrary to, what is now, s. 101, but notice affecting what is company in its character of trader. If what is shareholder is a trustee, what is company's lien will prevail over what is claims of what is beneficial owners. New London and Brazilian Bank v. Brocklebank (1882), 21 Ch. D. 302. Trustees held shares in a company, what is articles of which gave what is company a lien for debts due from a shareholder. Long after what is registration of what is shares in what is trustees' names, one of what is trustees incurred a liability to what is company. Held, what is company's lien prevailed over what is title of what is cestuis que trust. where is Server.Execute("_SiteMap.asp") %

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