139
As to transfer
of holding of deceased or bankrupt member.
Power to increase capital.
On what conditions new shares may be issued.
When to be offered to existing members.
14
43.-(a) Any person becoming entitled to shares in consequence of the death or bankruptcy of any member, upon producing such evidence that he sustains the char- acter in respect of which he proposes to act under this Article, or of his title, as the Directors think sufficient, may, with the consent of the Directors (which they shall not be under any obligation to give) be registered as a member in respect of such shares, or may, subject to the regulations as to transfers herein before contained, transfer such shares. This Article is hereinafter referred to as the "Transmission Clause."
(b) The Directors may, if they think fit, withhold the payment of any dividend, payable in respect of any share to which any person may be entitled by transmission, until such time as such person shall become the registered owner or shall have effectually transferred such share, after which time such person, so becoming registered or transferring, shall receive such Dividend.
Increase and Reduction of Capital,
44. The Company in General Meeting may, from time to time, increase the capital by the creation of new shares of such amount as may be deemed expedient.
45. The new shares shall be issued upon such terms. and conditions, and with such rights and privileges an- nexed thereto as the General Meeting resolving upon the creation thereof shall direct, and if no direction be given, as the Directors shall determine; and in particular such shares may be issued with a preferential or qualified right to dividends, and in the distribution of assets of the Company, and with a special or without any right of voting.
46. The Company in General Meeting may, before the issue of any new shares, determine that the same, or any of them, shall be offered in the first instance, and either at par or at a premium, to all the then members or any class thereof in proportion to the amount of the capital held by them, or make any other provisions as to the issue and allotment of the new shares, but, in default of any such determination, or so far as the same shall not extend, the new shares may be dealt with as if they form- ed part of the shares in the original capital.