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Lien.
9. The company shall have a lien on every share (not being fully-pail share) for all moneys (whether prescutly payable or not) called or payable at a fixed time in respect of that share, and the company shall also have a lien on all shares (other than fully-paid shares) standing registered in the name of a single person, for all moneys presently payable by him or his estate to the company but the directors way at any time declare any share to be wholly or in part exempt from the provisions of this clause. The company's lien, if any, ou share shall extend to all dividends payable thereon.
10. The company may sell, in such manner as the direc- tors think t, any shares on which the company has a lion, but no sale shall be made unless some sum in respect of which the lion exists, is presently payable, nor until the expiration of fourteen days after a notice in writing, stating and denawling payment of such part of the amount jo respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the share, or the person entitled by reason of his death or bankruptcy to the share.
11. The proceeds of the sale shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the resideo shall (subject to a like lieu for sums not presently payable us existed upon the -hures prior to the sale) be paid to the person entitled to the shares at the date of the sale. The purchaser sludl be registered as the holder of the shures, and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proccodings in reference in the sale.
Calls on Shares.
12. The directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares, provided timt no call shall excced one-fourth of the nominal amount of the share, or be payable at less than one month from the last call; and each member shall (subject to receiving at least fourteen days' notice specify- ing the time or tinies of payment) pay to the company at the time or fines su specified the auuat called on his shares.
13. The joint halders of a share shall be jointly and severally liable to pay all walls in respect thereof.
14. If a sum called in respect of a share is not paid betono or on the day appointed for payment thereof, the person frean who the stum is due shalt pay interest upon the zum at the rate of five dollars per cont. per annum from the day appointed for the payment thereof to the Line of the actual payment, but iho directors shall be at liberty to waive payment of that interest wholly or in
part.
15. The provisions of these regulations as to payment of interest shall apply in the case of nonpayment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the amount of the share, or by way of premium, as if the same hnd become payable by virtue of a endi duly made and antifed,
16. The directors may make arrangements on the issuo of shares for a difference between the holders in the amount of calls to be paid and in the times of payment.
17. The directors may, if they think fit, receive from any member willing to advance the same all or any part of the money mucalled and unpaid upon any shares held by him and upon all or any of the moneys so advanced may (autil the same would, but for such advance, become presently payable) pay imeresi ar such rate (not exceeding, without the sanction of the empeny in general meeting, six per cent.) as inay he agreed upon between the member paying the sum in advance and the directors.
Transfer and Transmission of Shares.
18. The instrument of transfer of any shure in the company shall be executed both by the transferor and
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transferee, and the transferor shall be deemed to remain a holder of the shure until the name of the transferee is emered in the register of members in respect thereof.
19. Shares in the company shall be transferred in the following form, or in any usual or common form which the directors shall approve :---
1. A.B. of
sum of $
in consideration of the paid to me by C.D. of (hereinafter called "the said transferce") do hereby transfer to the suid transferee the share for shares] unmberei in the undertaking called the Company Limited, to hold muto the said hans- teres his executors, wininistrators, and assigns, subject to the several conditious on which I held the same at the theme of the excention thereof and 1, the said transferee, do hereby agree to take the said share for shares subject to the conditions atoresaid. As witness cur bands the
day of
Witness to the signatures of, &c.
20. The directors may decline to register uny transfer of bates, not being fully-paid shares, ro a person of whom they do not approve, and say also decline to register any transfer of shares on which the company has a lien. Tuo directors may also suspend the registration of transturs during the fourteen days imediately preceding 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
(4) the instrument of transfer is accompanied by the ecrtificate of the shares to which it relates, and ench 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 namos of two or more holdere, the survivors or survivor, or the execntors or administra- tors of the deceased survivor, shall be the only persons recognised by the company us 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 being produced as may from time to time be required by the directors, have the right, either to be registered as a member in respect of the share 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 decensed or bankrupt person before the death or bankruptcy.
23. A person becoming cutitled to a share by reason of the death or bankruptcy of the folder shall be entitled to the same dividends and other advantages to which he would be cutitled if he were the registered holder of the share, except that he shall not, before being registered as u mom- beri 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 notion on him requiring payment of so much of the call or instal- ment as is ampuid, together with any interest which may have accrued.
25. The notice shall name a further day quot earlier, thes the expiration of fourteen days from the date of the notice) on or before which the payment required by the uoties is to be made, and shall state that in the event of nonpayment
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