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Validity of sale in case of lien or forfeiture.
Subject to restrictions members transfer shares.
may
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aforesaid and the residue (if any), shall be paid to such member, or the person (if any), entitled by transmission to the shares, or other the persons capable of giving a valid receipt for the same.
(3) For the purposes of this article, a statutory declaration in writing that the declarant is a director of the Company and that the shares are being duly sold in accordance with the powers of the Company, shall as against all persons claiming to be entitled to such shares adversely to such sale be conclusive evidence of the facts therein stated, and such declara- tion, together with a certificate of ownership of the shares delivered to a purchaser, shall constitute a good title to the shares, and the new holder thereof shall be discharged from all calls made and other moneys payable prior to such purchase. An entry every such declaration shall be made in the Minute Book of the Company.
of
51. Upon any sale after forfeiture or for enforcing a lien in purported exercise of the power hereinbefore 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 regularity 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 remedy of any person aggrieved by the sale shall be in damages only, and against the Company exclusively.
Transfer and Transmission.
52. Subject to the restrictions of these articles, any member may transfer all or any of his shares. The instrument of transfer shall be in writing signed both by the transferee and the transferor and the trans- feror shall be deemed to remain the holder of any such share until the name of the transferee is entered in the Register of Members in respect thereof.
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53. Shares in the Company shall be transferred Transfer. only by such instrument and in such form as shall Execution of Transfer, etc. from time to time be prescribed or approved by the Board and need not be executed under seal.
54. The instrument of transfer of any share shall Form of be in writing in the following form or as near thereto Transfer. as circumstances will admit :-
The Innamincka Steamship Company, Limited.
I, A. B., of
in consideration of the sum of paid to me by C. D. of
(hereinafter called the transferee) do hereby transfer to the transferee
share (or shares) numbered
in the undertaking called "THE INNAMINCKA STEAM- SHIP COMPANY, LIMITED" to hold unto the transferee subject to the several conditions on which I held the same immediately before the execution hereof. And I the transferee do hereby agree to take the said share (or shares) subject to the conditions aforesaid,
As Witness our hands the Witness to the Signature of Witness to the Signature of
day of
essential.
55. Attestation shall not be deemed essential to the Attestation to validity of the transfer but in the absence of attestation transfer not the Directors before registering the transfer may require such evidence (if any) as they may think fit of the genuineness of the signatures of the transferor and the transferee or either of them.
transfer.
56. The Directors may in their discretion and Directors without assigning any reason therefor, refuse to may decline register the transfer of any share to any person of to register whom they shall not approve as transferee. The Directors may also refuse to register any transfer of shares on which the Company has a lien.
57. No transfer of shares shall be made to an infant No transfer or person of unsound mind.
to infant, etc.
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