Books > Old Books > Poetry Northwest (1959)


Page 195

CHAPTER 17
DEBENTURES

9. Provision is made for the service of notices. This is to simplify the giving of notices and to obviate the necessity of seeking out the debenture holders.
Transfer of Registered Debentures.-Registered debentures are transferred in the manner laid down in the endorsed conditions, usually in writing. It is not lawful for a company to register a transfer of debentures, unless a" proper instrument of transfer " has been delivered to the company (s. 75). A fee of 2s. 6d. is usually charged for registration. The company must have the certificate ready for delivery within two months of the lodging of the instrument of transfer unless the debenture otherwise provides (s. 80). If registration is refused, notice of refusal must be given to the transferee within two months (s. 78).
The penalty for default is a fine on the company and every director, manager, secretary or other officer who was knowingly a party to the default, of £5 a day.
Registered debentures are not negotiable instruments, and consequently a transferee takes them subject to all claims which the company may have against prior holders at the date of the transfer.

In re Rhodesia Goldfields, Ltd., [1910] 1 Ch. 239. P., a debenture stockholder, transferred E10,000 debenture stock to X., who became the registered owner. P. was also a director of the company, and, on the company's going into liquidation, a claim was made against him for money had and received by him while a director. Held, X. was not entitled to payment until the amount due from P. to the company had been ascertained and deducted.

To avoid this result, the endorsed conditions usually provide that the principal and interest shall be paid to the registered holder without regard to any equities existing between the company and any prior holder of the debenture. Such a clause amounts to a contract by the company that it will not rely on equities, and its effect is to make the debentures more freely marketable.

Re Goy & Co., Ltd., [1900] 2 Ch. 149. C., a director of the company, transferred debentures to R. as security for a loan. The debentures contained a clause similar to that set out above. The company was in liquidation, but the liquidator refused to register R.'s transfer, because the company had a claim against C. for misfeasance. Held, the clause entitled R. to payment in full, without regard to C.'s debt to the company.

The clause only provides for payment to the registered holder, and, therefore, a transferee, unless and until he is registered, cannot claim the benefit of it.

travel books:
where is HTML where is HEAD where is TITLE 9. Provision is made for what is service of notices. This is to simplify what is giving of notices and to obviate what is necessity of seeking out what is debenture holders. Transfer of Registered Debentures.-Registered debentures are transferred in what is manner laid down in what is endorsed conditions, usually in writing. It is not lawful for a company to register a transfer of debentures, unless a" proper instrument of transfer " has been delivered to what is company (s. 75). A fee of 2s. 6d. is usually charged for registration. what is company must have what is certificate ready for delivery within two months of what is lodging of what is instrument of transfer unless what is debenture otherwise provides (s. 80). If registration is refused, notice of refusal must be given to what is transferee within two months (s. 78). what is penalty for default is a fine on what is company and every director, manager, secretary or other officer who was knowingly a party to what is default, of £5 a day. Registered debentures are not negotiable instruments, and consequently a transferee takes them subject to all claims which what is company may have against prior holders at what is date of what is transfer. In re Rhodesia Goldfields, Ltd., [1910] 1 Ch. 239. P., a debenture stockholder, transferred E10,000 debenture stock to X., who became what is registered owner. P. was also a director of what is company, and, on what is company's going into liquidation, a claim was made against him for money had and received by him while a director. Held, X. was not entitled to payment until what is amount due from P. to what is company had been ascertained and deducted. To avoid this result, what is endorsed conditions usually provide that what is principal and interest shall be paid to what is registered holder without regard to any equities existing between what is company and any prior holder of what is debenture. Such a clause amounts to a contract by what is company that it will not rely on equities, and its effect is to make what is debentures more freely marketable. Re Goy & Co., Ltd., [1900] 2 Ch. 149. C., a director of what is company, transferred debentures to R. as security for a loan. what is debentures contained a clause similar to that set out above. what is company was in liquidation, but what is liquidator refused to register R.'s transfer, because what is company had a claim against C. for misfeasance. Held, what is clause entitled R. to payment in full, without regard to C.'s debt to what is company. what is clause only provides for payment to what is registered holder, and, therefore, a transferee, unless and until he is registered, cannot claim what is benefit of it. 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 195 where is strong CHAPTER 17 DEBENTURES where is p align="justify" 9. Provision is made for what is service of notices. This is to simplify what is giving of notices and to obviate what is necessity of seeking out what is debenture holders. Transfer of Registered Debentures.-Registered debentures are transferred in what is manner laid down in what is endorsed conditions, usually in writing. It is not lawful for a company to register a transfer of debentures, unless a" proper instrument of transfer " has been delivered to what is company (s. 75). A fee of 2s. 6d. is usually charged for registration. what is company must have what is certificate ready for delivery within two months of what is lodging of what is instrument of transfer unless what is debenture otherwise provides (s. 80). If registration is refused, notice of refusal must be given to the transferee within two months (s. 78). what is penalty for default is a fine on what is company and every director, manager, secretary or other officer who was knowingly a party to what is default, of £5 a day. Registered debentures are not negotiable instruments, and consequently a transferee takes them subject to all claims which what is company may have against prior holders at what is date of what is transfer. In re Rhodesia Goldfields, Ltd., [1910] 1 Ch. 239. P., a debenture stockholder, transferred E10,000 debenture stock to X., who became what is registered owner. P. was also a director of what is company, and, on what is company's going into liquidation, a claim was made against him for money had and received by him while a director. Held, X. was not entitled to payment until what is amount due from P. to the company had been ascertained and deducted. To avoid this result, what is endorsed conditions usually provide that what is principal and interest shall be paid to what is registered holder without regard to any equities existing between what is company and any prior holder of what is debenture. Such a clause amounts to a contract by what is company that it will not rely on equities, and its effect is to make what is debentures more freely marketable. Re Goy & Co., Ltd., [1900] 2 Ch. 149. C., a director of the company, transferred debentures to R. as security for a loan. The debentures contained a clause similar to that set out above. The company was in liquidation, but what is liquidator refused to register R.'s transfer, because what is company had a claim against C. for misfeasance. Held, what is clause entitled R. to payment in full, without regard to C.'s debt to what is company. what is clause only provides for payment to what is registered holder, and, therefore, a transferee, unless and until he is registered, cannot claim what is benefit of it. where is Server.Execute("_SiteMap.asp") %

Book Pages: _SiteMap , default , 001 , 002 , 003 , 004 , 005 , 006 , 007 , 008 , 009 , 010 , 011 , 012 , 013 , 014 , 015 , 016 , 017 , 018 , 019 , 020 , 021 , 022 , 023 , 024 , 025 , 026 , 027 , 028 , 029 , 030 , 031 , 032 , 033 , 034 , 035 , 036 , 037 , 038 , 039 , 040 , 041 , 042 , 043 , 044 , 045 , 046 , 047 , 048 , 049 , 050 , 051 , 052 , 053 , 054 , 055 , 056 , 057 , 058 , 059 , 060 , 061 , 062 , 063 , 064 , 065 , 066 , 067 , 068 , 069 , 070 , 071 , 072 , 073 , 074 , 075 , 076 , 077 , 078 , 079 , 080 , 081 , 082 , 083 , 084 , 085 , 086 , 087 , 088 , 089 , 090 , 091 , 092 , 093 , 094 , 095 , 096 , 097 , 098 , 099 , 100 , 101 , 102 , 103 , 104 , 105 , 106 , 107 , 108 , 109 , 110 , 111 , 112 , 113 , 114 , 115 , 116 , 117 , 118 , 119 , 120 , 121 , 122 , 123 , 124 , 125 , 126 , 127 , 128 , 129 , 130 , 131 , 132 , 133 , 134 , 135 , 136 , 137 , 138 , 139 , 140 , 142 , 143 , 144 , 145 , 146 , 147 , 148 , 149 , 150 , 151 , 152 , 153 , 154 , 155 , 156 , 157 , 158 , 159 , 160 , 161 , 162 , 164 , 165 , 166 , 167 , 168 , 169 , 170 , 171 , 172 , 178 , 179 , 180 , 181 , 182 , 183 , 184 , 185 , 186 , 187 , 188 , 189 , 190 , 191 , 192 , 193 , 194 , 195 , 196 , 197 , 198 , 199 , 200 , 201 , 202 , 203 , 204 , 205 , 206 , 207 , 209 , 210 , 211 , 212 , 214 , 215 , 217 , 218 , 219 , 220 , 221 , 222 , 223 , 224 , 225 , 226 , 227 , 228 , 229 , 230 , 231 , 232 , 233 , 234 , 235 , 236 , 237 , 238 , 239 , 240 , 241 , 242 , 243 , 244 , 245 , 246 , 247 , 248 , 249 , 250 , 251 , 252 , 253 , 254 , 255 , 256 , 257 , 258 , 259 , 260 , 261 , 262 , 263 , 264 , 265 , 266 , 267 , 268 , 269 , 270 , 271 , 272 , 273 , 274 , 275 , 276 , 277 , 278 , 279 , 280 , 281 , 282 , 283 , 284 , 285 , 287 , 288 , 289 , 290 , 291 , 292 , 293 , 294 , 295 , 296 , 297 , 298 , 299 , 300 , 301 , 302 , 303 , 304 , 305 , 306 , 307 , 308 , 309 , 310 , 311 , 312 , 313 , 314 , 315 , 316 , 317 , 318 , 319 , 320 , 321 , 322 , 323 , 324 , 325 , 326 , 327 , 328 , 329 , 330 , 331 , 332 , 333 , 334 ,