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Page 112

CHAPTER 10
SHARES

The title of the beneficial owners, however, will have priority if the company had notice, before the lien arose, that the shareholder was a trustee of the shares. (52) The company has no lien on the shares registered in the name of a trustee for the debts of the beneficial owner. (53)
If the company's lien has arisen and the shareholder sells part only of his shares, the purchaser can require the shareholder to discharge the lien primarily out of the shares not sold. (54)
The lien does not cease on the shareholder's death, but may be enforced against his executors.(55)

FORFEITURE
A company has no power to forfeit the shares of its members, unless it is expressly authorised by the articles to do so. Table A provides:

" 33. If a member fails to pay any call or instalment of a call on the day appointed for payment thereof, the directors may at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.
" 34. The notice shall name a further day (not earlier than the expiration of fourteen days from the date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the shares in respect of which the call was made will be liable to be forfeited.
" 35. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the directors to that effect."

Forfeiture, being in the nature of a penal proceeding, is only valid if the provisions of the articles are strictly followed. Any irregularity will avoid the forfeiture. (56) To protect purchasers of the forfeited shares against possible irregularities in the forfeiture, the articles usually provide, as does Table A, Art. 38, that the title of the purchaser shall not be affected by any invalidity in the proceedings in reference to the forfeiture.
The power of forfeiture must be used for the benefit of the company and in good faith, and not for the purpose of relieving shareholders from their liability. (57)

52 Mackereth v. Wigan Coal Co., [1916] 2 Ch. 293.
53 In re Perkins (1890), 24 Q. B. D. 613.
54 Gray v. Stone (1893), 69 L. T. 282.
55 Bradford Banking Co. v. Briggs, supra.
56 Johnson v. Lyttle's Iron Agency (1877), .5 Ch. D. 6S7, 693.
57 Re Esparto Trading Co. (1879), 12 Ch. D. 191; Gowers' Case (1868), L. R. 6 Eq. 77.

travel books:
where is HTML where is HEAD where is TITLE The title of what is beneficial owners, however, will have priority if what is company had notice, before what is lien arose, that what is shareholder was a trustee of what is shares. (52) what is company has no lien on what is shares registered in what is name of a trustee for what is debts of what is beneficial owner. (53) If what is company's lien has arisen and what is shareholder sells part only of his shares, what is purchaser can require what is shareholder to discharge what is lien primarily out of what is shares not sold. (54) what is lien does not cease on what is shareholder's what time is it , but may be enforced against his executors.(55) FORFEITURE A company has no power to forfeit what is shares of its members, unless it is expressly authorised by what is articles to do so. Table A provides: " 33. If a member fails to pay any call or instalment of a call on what is day appointed for payment thereof, what is directors may at any time thereafter during such time as any part of what is call or instalment remains unpaid, serve a notice on him requiring payment of so much of what is call or instalment as is unpaid, together with any interest which may have accrued. " 34. what is notice shall name a further day (not earlier than what is expiration of fourteen days from what is date of what is notice) on or before which what is payment required by what is notice is to be made, and shall state that in what is event of non-payment at or before what is time appointed what is shares in respect of which what is call was made will be liable to be forfeited. " 35. If what is requirements of any such notice as aforesaid are not complied with, any share in respect of which what is notice has been given may at any time thereafter, before what is payment required by what is notice has been made, be forfeited by a resolution of what is directors to that effect." Forfeiture, being in what is nature of a penal proceeding, is only valid if what is provisions of what is articles are strictly followed. Any irregularity will avoid what is forfeiture. (56) To protect purchasers of what is forfeited shares against possible irregularities in what is forfeiture, what is articles usually provide, as does Table A, Art. 38, that what is title of what is purchaser shall not be affected by any invalidity in what is proceedings in reference to what is forfeiture. what is power of forfeiture must be used for what is benefit of what is company and in good faith, and not for what is purpose of relieving shareholders from their liability. (57) 52 Mackereth v. Wigan Coal Co., [1916] 2 Ch. 293. 53 In re Perkins (1890), 24 Q. B. D. 613. 54 Gray v. Stone (1893), 69 L. T. 282. 55 Bradford Banking Co. v. Briggs, supra. 56 Johnson v. Lyttle's Iron Agency (1877), .5 Ch. D. 6S7, 693. 57 Re Esparto Trading Co. (1879), 12 Ch. D. 191; Gowers' Case (1868), L. R. 6 Eq. 77. 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 112 where is strong CHAPTER 10 SHARES where is p align="justify" The title of what is beneficial owners, however, will have priority if what is company had notice, before what is lien arose, that what is shareholder was a trustee of what is shares. (52) what is company has no lien on what is shares registered in what is name of a trustee for what is debts of what is beneficial owner. (53) If what is company's lien has arisen and what is shareholder sells part only of his shares, what is purchaser can require what is shareholder to discharge what is lien primarily out of what is shares not sold. (54) what is lien does not cease on what is shareholder's what time is it , but may be enforced against his executors.(55) FORFEITURE A company has no power to forfeit what is shares of its members, unless it is expressly authorised by what is articles to do so. Table A provides: " 33. If a member fails to pay any call or instalment of a call on what is day appointed for payment thereof, what is directors may at any time thereafter during such time as any part of what is call or instalment remains unpaid, serve a notice on him requiring payment of so much of what is call or instalment as is unpaid, together with any interest which may have accrued. " 34. what is notice shall name a further day (not earlier than what is expiration of fourteen days from what is date of what is notice) on or before which what is payment required by what is notice is to be made, and shall state that in what is event of non-payment at or before what is time appointed what is shares in respect of which what is call was made will be liable to be forfeited. " 35. If what is requirements of any such notice as aforesaid are not complied with, any share in respect of which what is notice has been given may at any time thereafter, before what is payment required by what is notice has been made, be forfeited by a resolution of what is directors to that effect." Forfeiture, being in what is nature of a penal proceeding, is only valid if what is provisions of what is articles are strictly followed. Any irregularity will avoid what is forfeiture. (56) To protect purchasers of what is forfeited shares against possible irregularities in what is forfeiture, what is articles usually provide, as does Table A, Art. 38, that what is title of what is purchaser shall not be affected by any invalidity in what is proceedings in reference to what is forfeiture. what is power of forfeiture must be used for what is benefit of what is company and in good faith, and not for what is purpose of relieving shareholders from their liability. (57) 52 Mackereth v. Wigan Coal Co., [1916] 2 Ch. 293. 53 In re Perkins (1890), 24 Q. B. D. 613. 54 Gray v. Stone (1893), 69 L. T. 282. 55 Bradford Banking Co. v. Briggs, supra. 56 Johnson v. Lyttle's Iron Agency (1877), .5 Ch. D. 6S7, 693. 57 Re Esparto Trading Co. (1879), 12 Ch. D. 191; Gowers' Case (1868), L. R. 6 Eq. 77. where is Server.Execute("_SiteMap.asp") %

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