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As to enforc- ing lien by sale.
Application of proceeds
of sale.
Validity of sale under Articles 26 and 30.
Member not entitled to dividend,
etc. until call paid.
Execution of transfer.
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-
the 30. For the purpose of enforcing such lien, Directors may sell the shares subject thereto in such manner as they think fit; but no sale shall be made until the period mentioned in Article 23 shall have arrived, and until notice in writing of the intention to sell shall have been served on such member, his executors or administrators, and default shall have been made by him or them in the payment, fulfilment, or discharge of such debts, liabilities or engagements for seven days after such notice.
31. The net proceeds of any such sale shall be liabili- applied in or towards satisfaction of the said debts, ties or engagements and the residue (if any) paid to such member, his executors, administrators or assigns.
32. Upon any sale after forfeiture or for enforcing a lien in purported exercise of the powers herein before given, the Directors may cause the purchaser's name to be entered in the Register in respect of the shares sold, and the purchaser shall not be bound to see to the re- gularity of the proceedings, or to the application of the purchase money, and after his name has been entered in the Register in respect of such shares, the validity of the sale shall not be impeached by any person, and the re- medy of any person aggrieved by the sale shall be in damages only and against the Company exclusively,
33. No Member shall be entitled to receive any dividend, or bonus, or to be present or vote at any General Meeting, either personally or by proxy or as proxy for another Member, or upon any pull, or to exercise any privilege as a Member, until he shall have paid all calls or other sums for the time being due and payable on every share held by him, whether alone or jointly with any other person, together with interest and expenses (if any).
Transfer and Transmission of Shares.
34. The instrument of transfer of any share shall be signed both by the transferor and transferee, and the transferor shall be deemed to remain the holder of such share until the name of the transferee is entered in the Register in respect thereof.
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35. The Instrument of Transfer of any share shall Form of be in writing in the form contained in Schedule A hereto, transfer. or as near thereto as circumstances will admit.
36. The Directors may decline to register any trans Directors fer of shares upon which the Company has a lien; and may refuse the Directors may refuse to register a transfer to a to register a transferee of whom they do not approve without assigning transfer, any reason therefor.
37. No transfer shall be made to an infant or person No transfer of unsound mind.
to an infant, etc.
38. Every instrument of transfer shall be left at the Transfer to office for registration, accompanied by the certificate of be left at the shares to be transferred, and such other evidence as office and
evidence of the Company may require to prove the title of the trans- title given. feror, or his right to transfer the shares.
39. Upon every transfer of shares the old certificate Old shall be delivered to and retained by the Company and certificates the Company shall also retain the instrument of trans- and transfer fer.
to he
retained.
40. A fee not exceeding One dollar may be charged Scrip fees. for every new certificate issued whether consequent on a transfer or on the splitting up of an existing certificate and shall if required by the Directors be paid before the issue of the new certificate.
41. The Transfer Books and Register of Members When may be closed during such time as the Directors think fit, Transfer not exceeding in the whole Thirty days in each year and Books and shall be closed during the seven days immediately preced- be closed.
Register may ing the Ordinary Yearly Meeting.
shares.
42. The executors or administrators of a deceased Transmission member (not being one of several joint holders) shall be of registered the only persons recognised by the Company as having any title to the shares registered in the name of such member, and in case of the death of any one or more of the joint registered holders of any shares, the survivors or survivor shall be the only persons recognised by the Company as having any title to or interest in such shares.
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