360
for "pounds"
1st Schedule. Table A. -contd.
142
Calls on Shares,
11. The directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares provided that no call shall execed one-fourth of the nominal amount of the share, or be payable at less than one month from the last call and cach member shall (subject to receiving at least fourteen days' notice specifying the time or tines of payment) pay to the company at the time or times so specified the amount called on his shares.
12. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.
13. 1f a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest upon the sum at the rate of five dollars per centum per annum from the day appointed for the payment thereof to the time of the actual pay. ment, but the directors shall be at liberty to waive payment of that interest wholly or in part.
14. The provisions of these regulations as to the liability of joint holders and as to payment of interest shall apply in the case of non-payment 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 had become payable by virtue of a call duly made and notified.
15. The directors may make arrangements on the issue of shares for a difference between the holders in the amount of calls to be paid and in the times of payment.
16. The directors may, if they think fit, receive from any member willing to advance the same all or any part of the moneys uncalled and unpaid upon any shares held by him; and upon all or any of the moneys so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding, without the sanction of the company in general meeting, six per cent.) as may be agreed upon between the member paying the sum in advance and the directors.
Transfer and Transmission of Shares.
17. The instrument of transfer of any share shal! be executed by or on behalf of the transferor and transferee, and the transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect thereof,
18. Shares shall be transferred in the following form, or in any usual or common form which the directors shail approve:
I, A.B., of sum of $
in consideration of the
paid to me by C.D. of (herein-after called "the said transferee")
do hereby transfer to the said transferen the share [or shares] numbered
called the
in the undertaking Company, Limited,
to hold unto the said transferee, subject to the several conditions on which I hold the same and 1, the said transferee, do hereby agree to take the said share [or shares] subject to the conditions aforesaid. As witness our hands the
day of
Witness to the signatures of, &c.
143
19. The directors may decline to register any 1st Schedule. transfer of shares, not being fully paid shares, to a Table A. person of whom they do not approve, and may also conte decline to register any transfer of shares on which the company has a lien. The directors may also suspend the registration of transfers during the fourteen days immediately 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
(b) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence
as the directors may reasonably require to show the right of the transferor to make the transfer.
If the directors refuse to register a transfer of any shares, they shall within two months after the date on which the transfer was lodged with the company send to the transferee notice of the refusal.
20. The legal personal representatives 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 names of two or more holders, the survivors or survivor, or the legal personal representatives of the deceased survivor, shall be the only persons recognised by the company as having any title to the share.
a share in 21. Any person becoming entitled to consequence of the death or bankruptcy of a member shall, upon such evidence being produced as may from time to time be properly 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: but 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 deceased or bankrupt person before the death or bankruptcy.
22. A person becoming entitled to a share by reason of the death or bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a member in respect of the share. be entitled in respect of it to exercise any right con- ferred by membership in relation to meetings of the company.
Forfeiture of Shares.
23. If a meinber 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 notice on him requiring payment of so much of the call or instalment as is unpaid. together with any interest which may have accrued.
24. The notice shall name a further day (not earlier than the expiration of fourteen days from the date payment of the notice) on or before which the required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the shares in respect of which the call was made will be liable to be forfeited.
as
25. If the requirements of any such notice uforesaid 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 directors to that effect.
for "2/63"
361