895
transferee, and the transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect thereof.
19. Shares in the company shall be transferred in the following form, or in any nsual or common form which the directors shall approve :—
I, A.B. of
sum of $
in consideration of the paid to me by C.D. of (hereinafter called "the said transferee ") do hereby transfer to the said transferee the share [or shares] numbered in the undertaking called the Company Limited, to hold into the said trans- ferce his executors, administrators, and assigns, subject to the several conditions on which I held the same at the time of the execution thereof and I, the said transferee, do hereby agree to take the said share [or shares] subject to the conditions aforesaid. As witness our hands the
day of
Witness to the signatures of, &c.
20. The directors may decline to register any transfer of shares, not being fully-paid shares, to a person of whom they do not approve, and may also decline to register any transfer of shares on which the company has a lica. The directors may also suspend the registration of transfers during the fourteen days immediately preceling the ordinary general meeting in each year, The directors may decline to recognise any instrument of transfer unless
(a) a fee not exceeding two dollars is paid to the
company in respect thereof, and
(b) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as the directors may rea- sonably require to show the right of the transferor to make the transfer.
21. The executors or administrators of a deceased sole holder of a share shall be the only persons recognised by the company as having any title to the share. In the case of a share registered in the names of two or more holders, the survivors or survivor, or the executors or administra- tors of the deceased survivor, shall be the only persons recognised by the company as having any title to the share.
22. Any person becoming entitled to a share in conse- quence of the death or bankruptcy of a member shall, upon such evidence heing produced as may from time to time be required by the directers, have the right, either to be regi-tered as a member in respect of the shure or, instead of being registered himself, to make such transfer of the share as the deceased or bankrupt person could have made; the directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by the deceased or bankrupt person before the death or bankruptcy.
23. A person becoming entitled to a share by reason of the death or bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a mem- her in respect of the share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the company.
Forfeiture of Share.
24. 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 such call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instal- ment as is unpaid, together with any interest which may have accrued.
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25. 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 nonpayment