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at or before the time appointed the shares in respect of which the call was made will be liable to be forfeited.
26. If the requirements of buy such notics as aforesnil are not complied with, any share in respect of which the notice has been given may at any time thereafter, before The payment required by the notice has been made, be forfeited by a resolution of the dimctors to that effect.
27. A forfeited share may be sold or otherwise disposed of on such terms and in such amouer as the directors think fit, and at noy time before n sale or disposition the forfeiture may be cancelled on such terms as the directors think th
28. A person whose shares have been forfeited shali cense to be a member in respect of the forfeited shares, but shall, notwithstanding, romain liable to pay to the company all nowys which, at the date of forfeiture, were presently payable by him to the company in respect of the shares, hut his liability shall cease if and when the company receive payment in full of the nominal amount of the shares.
29. A statutory declaration in writing that the declaraut is a director of the company and that a share in the con- pany has been duly forfeiteil on a date stated in the declar- ation, shall be conclusive evidence of the facts therein stared as against all persons claiming to be entitled to the share, and that declaration and the receipt of the company for the consideration, if my, given for the share on the sale or disposition thereof shall constitute a good title to the sire, and the person to whom the share is sold or disposed of shall be registered as the bolder of the share and shall not be bound to see to the application of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity in the procedings in reference to the forfeiture, sale or disposal of the share.
30. The provisions of these regulations as to forfeiture shall apply in the case of nonpayment of any snu which, by the terms of issue of a share, becomes payable at a fixei time, whether on account of the amount of the share, or by way of premium, as if the same bad been payable by virtue of a call duly made and notified.
Conversion of Spores into Stock.
31. The directors may, with the sanction of the coom- pany previously given in general meeting, convert any paid-up sheres into stock, and may with the like sanction icconvert any stock into paid-up shares of any deuomin- ntion,
$2. The holders of stock may transfer the same, or any part thereof, in the same mamer, nud subject to the same regulations, ns, and subject to which, the shares from which the stock arese might previously to conversion have been transferred, or as near thereto as circunstances admit; but the directors may from time to time fix the minimum auomut of stock transferrable, and restrict or forbid the transfer of Fractions of that minimum, but the minimum shaŬ 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 hich 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 aliqnot part of stock us 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 uppticulite to paid-up shares shall apply to stock, and the words "share" and shareholder" therein shall include "stock" and "stock- holder."
Share Warrants,
25. The company may issue share warrants, and accord- ingly the directors may in their discretion, with respect to any share which is fully paid up, on application in writing signed by the person registered as holder of the share, and authenticated by such evidence, if any, as the directors
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may from time to time require as to the identity of the person signing the request, and on receiving the corificate,
if any, of the share, and the amount of the stamp duty on the warrant and such fee as the direnters y from time to time require, issue muder the company's seal a warrant, daly stamped, stating that the bearer of the warrant is entitled to the shares therein specified, and may provide by coupons, or otherwise for the payment of dividends, or other moneys, on the shares included in the warrant.
36. A share warrant shall putitle the hearer to the shares included in it, and the shares shall be trans- ferrat by the delivery of the share wariant, and the pro- visions of the company with respect to transfer and transmission of shares shall not apply thereto.
87. 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 naine entered as a member in the register of members in respect of the shares included in the warrant.
38. The bearer of a share warrant may at any time deposit the warrant at the office of the company, nud so long as the warrant 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 heid 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 shures included in the deposite warmt, Not more than one person shall be recognised as depositor of the abure Warraut. The company shall, on two days' written notice, return the deposited share warrant to the depositur.
39. Maljeet us herein otherwise expressly provided no person shall, as bearer of a share warrant, sigu a requisition for eailing 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 cutitled in all other respects to the same privileges and advantage as if he were named in the register of members as the holder of the shares included in the warrant, and he shall be member of the company.
40. The directors may from time to time make rules as to the termus on which (if they shall think fit) a new share warrant or coupon may be issued by way of renewal in ease of defacement, loss, or destruetion.
Alteration of Capital.
41. The directors may, with the sanction of an extra- ordinany resolution of the company, increase the share capital by such sum, to be divided into shares of such amour, as the resolmion shall prescribe.
42. Subject to any direction to the contrary that may be given by the resolution sanctioning the increase of share capital, all new shares shall, before issue, bo offered! to such persons as at the date of the offer are entitled to receive notices from the company of general metings in proportion, as nearly as the ciremustances admit, to the amount of the existing shares to which they are entitled. The offer shall be made by notice specifying the number of shares offered, and limiting a time within which the offer, if not accepted, will be deemed to he declined, and, after the expiration of that time, or on the receipt of an intima- tion from the person to whom the offer is made that he declines to accept the shares offered, the directors may dispose of the same in such manner as they think most beneficial to the company. The directors may likewise so dispose of any new shares which (by reason of the ratio which the new shares bear to shares held by persons entitled to an offer of new shares) cannot, in the opinion of the directors, be conveniently offered under this article. 43. The new shares shall be subject to the same provi- sions with reference to the payment of calls, lien, transfer, transmission, forfciture, and otherwise as the shares in the original share capital.
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