239
39. Any share so forfeited shall be the property of the Bank and the Forfeited Board may sell, re-allot, and otherwise dispose of the same in such manner as it thinks fit.
shares to
become property of Bank.
annul forfeiture
40. The Board may, at any time before any share so forfeited shall Fower to have been sold, re-allotted or otherwise disposed of, annul the forfeiture thereof and restore the same to the defaulter or some person claiming under him upon such conditions as it thinks fit.
41. The forfeiture of a share shall involve the extinction at the time of the forfeiture of all interest in and all claims and demands against the Bank in respect of the share and all other rights incident to the share, as between the shareholder whose share has been forfeited and all persons claiming through such shareholder and the Bank.
Forfeiture of share to extinguish
claims on the Bank.
on shares.
42. The Bank shall have a first and paramount lien upon all the shares Bank's lien registered in the name of any shareholder (whether solely or jointly with others), and upon the proceeds of sale thereof for his debts, liabilities and engagements, solely or jointly with any other person to or with the Bank, whether the period for the payment, fulfilment, or discharge thereof shall have actually arrived or not; and such lien shall extend to all dividends from time to time declared in respect of such shares and to all moneys paid in advance of calls thereon. Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Bank's lien (if any) on such shares.
43. For the purpose of enforcing such lien the Board may sell the Enforcing shares subject thereto in such manner as it thinks fit; but no sale shall be lion by sale. made until such time as the moneys are presently payable.
of sale.
44. The net proceeds of any sale, made after forfeiture or for enfor- Application cing a lien, and any such dividends, shall be applied in or towards satis- of proceeds faction of the debts, liabilities and engagements aforesaid, and the residue (if any) shall be paid to such shareholder, his executors, administrators or assigns or successors or to the person (if any) entitled by transmission to the shares.
45. (1) Upon any sale after forfeiture or for enforcing a lien in pur- ported exercise of the powers hereinfore given, the Board or the manager of any establishment at which a Register is kept may, after the execution of a document of transfer from the Bank to the purchaser has been executed by the Bank as transferor and by the purchaser as transferee, cause the pur- chaser's name to be entered, in respect of the shares sold, in that register in which the shares sold are entered, and the purchaser shall not be bound to see to the regularity of the proceedings, or to the application of the purchase money, and after his name has been entered in the register aforesaid in res- pect of such shares, the validity of the sale shall not be impeached by any person, and the remedy (if any) of any person aggrieved by the sale shall be in damages only and against the Bank exclusively.
Validity of sales after
foi feiture or for enforcing lien.
Purchaser's
dividends and call.
(2) Any such purchaser shall not (unless by express agreement) be- come entitled to any of the dividends accrued, or which might have accrued, position re upon the shares before the time of completing his purchase, and shall not (unless by express agreement) be liable to pay any call payable in respect of the shares before the time of his agreement to purchase them.
Transfer and Transmission of Shares.
46. The Bank shall keep at its Head Office and at any establishment where a local register of shares is kept books to be called "Registers of Transfers. Transfers", and therein shall respectively be fairly and distinctly entered particulars of every transfer or transmission of any share on those respective registers.
Register of
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