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Page 115

CHAPTER 10
SHARES

Rowell v. John Rowell & Sons, Ltd., [1912] 2 Ch. 609. The holders of 6 per cent. fully paid preference shares surrendered them to the company in exchange for 5 per cent. fully paid preference shares. The surrendered shares were not cancelled, but could be re-issued by the company. Held, the surrender was valid, as it did not involve any reduction of capital or the purchase by the company of its own shares; and that the new shares issued in exchange were fully paid up. (67)
On the other hand, a surrender of partly paid shares, not liable to forfeiture, is unlawful, as it (a) releases the shareholder from further liability in respect of the shares, (b) amounts to a purchase by the company of its own shares, and (c) is a reduction of capital without the sanction of the Court.

Bellerby v. Rowland and Dlarwood's Steamship Co., [1902] 2 Ch. 14. A company sustained a loss of £4,000, and the directors agreed to share the loss between themselves. They therefore surrendered shares to the amount of £4,000. The shares were ill each, £10 paid, and the intention was that the directors should be released from the remaining £1 a share unpaid. The company subsequently became more prosperous, and the directors took proceedings to have the surrender declared invalid. Held, the surrender was invalid as amounting to a purchase by the company of its own shares.

Whether fully paid shares, not liable to forfeiture, can be validly surrendered is doubtful. (68)
Shares which have been validly surrendered can be re-issued in the same way as forfeited shares, if the articles authorise their re-issue.
The voluntary transfer of shares in a company to a trustee for that company is not a surrender of shares.

Kirby v. Wilkins, [1929] 2 Ch. 444. A partnership business was sold to a company for money, which was satisfied by the issue of fully paid shares in the company. It was then discovered that, owing to a mistake, the partners were overpaid, and they therefore transferred 3,000 shares to the managing director to be held in trust for the company. Held, the transfer was valid.

67 This case followed Eichbaum v. Chicago Elevators, [1891] 3 Ch. 459, in spite of the disapproval of that case expressed by the Court of Appea 1 in Bellerby's Case (referred to in text).
68 See Palmer's Company Precedents, Part I(15th ed.), p. 704, for a discussion of this.

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where is HTML where is HEAD where is TITLE Rowell v. John Rowell & Sons, Ltd., [1912] 2 Ch. 609. what is holders of 6 per cent. fully paid preference shares surrendered them to what is company in exchange for 5 per cent. fully paid preference shares. what is surrendered shares were not cancelled, but could be re-issued by what is company. Held, what is surrender was valid, as it did not involve any reduction of capital or what is purchase by what is company of its own shares; and that what is new shares issued in exchange were fully paid up. (67) On what is other hand, a surrender of partly paid shares, not liable to forfeiture, is unlawful, as it (a) releases what is shareholder from further liability in respect of what is shares, (b) amounts to a purchase by what is company of its own shares, and (c) is a reduction of capital without what is sanction of what is Court. Bellerby v. Rowland and Dlarwood's Steamship Co., [1902] 2 Ch. 14. A company sustained a loss of £4,000, and what is directors agreed to share what is loss between themselves. They therefore surrendered shares to what is amount of £4,000. what is shares were ill each, £10 paid, and what is intention was that what is directors should be released from what is remaining £1 a share unpaid. what is company subsequently became more prosperous, and what is directors took proceedings to have what is surrender declared invalid. Held, what is surrender was invalid as amounting to a purchase by what is company of its own shares. Whether fully paid shares, not liable to forfeiture, can be validly surrendered is doubtful. (68) Shares which have been validly surrendered can be re-issued in what is same way as forfeited shares, if what is articles authorise their re-issue. what is voluntary transfer of shares in a company to a trustee for that company is not a surrender of shares. Kirby v. Wilkins, [1929] 2 Ch. 444. A partnership business was sold to a company for money, which was satisfied by what is issue of fully paid shares in what is company. It was then discovered that, owing to a mistake, what is partners were overpaid, and they therefore transferred 3,000 shares to what is managing director to be held in trust for what is company. Held, what is transfer was valid. 67 This case followed Eichbaum v. Chicago Elevators, [1891] 3 Ch. 459, in spite of what is disapproval of that case expressed by what is Court of Appea 1 in Bellerby's Case (referred to in text). 68 See Palmer's Company Precedents, Part I(15th ed.), p. 704, for a discussion of this. 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 115 where is strong CHAPTER 10 SHARES where is p align="justify" Rowell v. John Rowell & Sons, Ltd., [1912] 2 Ch. 609. what is holders of 6 per cent. fully paid preference shares surrendered them to what is company in exchange for 5 per cent. fully paid preference shares. what is surrendered shares were not cancelled, but could be re-issued by what is company. Held, what is surrender was valid, as it did not involve any reduction of capital or what is purchase by what is company of its own shares; and that what is new shares issued in exchange were fully paid up. (67) On what is other hand, a surrender of partly paid shares, not liable to forfeiture, is unlawful, as it (a) releases what is shareholder from further liability in respect of what is shares, (b) amounts to a purchase by what is company of its own shares, and (c) is a reduction of capital without what is sanction of what is Court. Bellerby v. Rowland and Dlarwood's Steamship Co., [1902] 2 Ch. 14. A company sustained a loss of £4,000, and what is directors agreed to share what is loss between themselves. They therefore surrendered shares to what is amount of £4,000. what is shares were ill each, £10 paid, and what is intention was that what is directors should be released from what is remaining £1 a share unpaid. what is company subsequently became more prosperous, and what is directors took proceedings to have what is surrender declared invalid. Held, what is surrender was invalid as amounting to a purchase by what is company of its own shares. Whether fully paid shares, not liable to forfeiture, can be validly surrendered is doubtful. (68) Shares which have been validly surrendered can be re-issued in what is same way as forfeited shares, if what is articles authorise their re-issue. what is voluntary transfer of shares in a company to a trustee for that company is not a surrender of shares. Kirby v. Wilkins, [1929] 2 Ch. 444. A partnership business was sold to a company for money, which was satisfied by what is issue of fully paid shares in what is company. It was then discovered that, owing to a mistake, what is partners were overpaid, and they therefore transferred 3,000 shares to what is managing director to be held in trust for what is company. Held, what is transfer was valid. 67 This case followed Eichbaum v. Chicago Elevators, [1891] 3 Ch. 459, in spite of the disapproval of that case expressed by what is Court of Appea 1 in Bellerby's Case (referred to in text). 68 See Palmer's Company Precedents, Part I(15th ed.), p. 704, for a discussion of this. where is Server.Execute("_SiteMap.asp") %

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