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Conversion of Shares into Stock.
31. The directors may, with the sanction of the com- pany previously given in general meeting, convert any paid-up shares into stock, and may with the like sanction reconvert any stock into paid-up shares of any denomin- ution.
32. The holders of stock may transfer the same, or any' part thereof, ia the same manner, and subject to the same regulations, a3, and subject to which, the shares from which the stock arose might previously to conversion have been transferred, or as near thereto as circumstances admit; but the directors may from time to time fix the minimum amount of stock transferrable, and restrict or forbid the transfer of fractions of that minimum, but the minimum shall not exceed the nominal amount of the shares from which the stock arose.
33. The holders of stock shall, according to the amount of the stock held by them, have the same rights, privileges, and advantages as regards dividends, voting at meetings of the company, and other matters as if they held the shares from which the stock arose, but no such privilege or advantage (except participation in the dividends and. profits of the company) shall be conferred by any such aliquot part of stock as would not, if existing in shares, have conferred that privilege or advantage.
34. Such of the regulations of the company (other than those relating to share warrants) as are applicable to paid-up' shares shall apply to stock, and the words "share" and "shareholder therein shall include "stock" and "stock- holder,**
Share Warrants.
35. The company may issue share warrants, and accord- ingly the directors may in their discretion, with respect to Buy share which is fully paid up, on application in writing sigued by the person registered as holder of the share, and authenticated by such evidence, if any, as the directors may from time to time require as to the identity of the person signing the request, and on receiving the certificate, if any, of the share, and the amount of the stamp duty on the warrant and such fee as the directors may from time to time require, issue under the company's seal a warrant, duly stamped, stating that the bearer of the warrant is entitled to the shares therein specified, and may provide coupons, or otherwise for the payment of dividends, or other moneys, on the shares included in the warrant.
36. A share warrant shall entitle the bearer to the shares included in it, and the shares shall be trans- ferred by the delivery of the share warrant, and the pro- visions of the company with respect to transfer and transmission of shares shall not apply thereto.
37. The bearer of a share warrant shall, on surrender of the warrant to the company for cancellation, and on payment of such sum as the directors may from time to time prescribe, be entitled to have his name entered as a member in the register of members in respect of the shares included in the warrant.
38. The brearer of a share warrant may at any time deposit the warrant at the office of the company, and so long as the warraut remains so deposited the depositor shall have the same right of signing a requisition for calling a meeting of the company, and of attending and voting and exercising the other privileges of a member at any meeting held after the expiration of two clear days from the time of deposit, as if his name were inserted in the register of members as the holder of the shares included in the deposited warrant. Not more than one 1erson shall be recognised as depositor of the share warrant. The company shall, on two days' written notice, return the deposited share warrant to the depositor.
39. Subject as herein otherwise expressly provided no person shail, as bearer of a share warrant, sign a requisition for calling a meeting of the company, or attend, or vote, or exercise any other privilege of a member at a meeting of the company, or be entitled to receive any notices from the company; but the bearer of a share warrant shall be entitled in all other respects to the same privileges and advantage.
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