CO129-436 - Acting Governor Claud Sever & Governor Sir May & Public Offices - 1916 [11-12] — Page 243

In case of default Permanent General Manager to receive pur chase money name of par- chaser to be

and cause

entered on the Register.

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three equal annual payments (the first whereof shall be made twelve months after the date of the expiration of such notice) together with interest at the rate of six dollars per centum per annum on the balance for the time being remaining unpaid calculated up to the date of each such annual payment, and upon every such payment being made as aforesaid, one fourth of the number of shares so purchased shall be transferred to the Directors for the time being or their nominee or nominees. All dividends accrued or accruing as from the date of the expiration of the said notice on the whole of the said shares so purchased shall belong to the purchaser. The power vested in the Directors for the time being under this clause may be exercised by them, and any notice served on any Director under this clause, shall be completely effectual notwithstand- ing that any such Director may have previously given notice to the Permanent General Manager or General Manager for the time being of the Company under article 59 of his desire to sell his shares, and in the event of any notice being so given under that article it shall have no effect.

64. In case any Director or member, or his repre- sentative, shall make default in selling and transferring his shares in accordance with the provisions in that behalf hereinbefore contained, the Permanent General Manager or General Manager for the time being of the Company, may receive the purchase money, and shall thereupon cause the name or names of the purchaser or purchasers to be entered on the Register as the holder or holders of such shares and shall hold the purchase money in trust for such Director or member, or his representatives, as the case may be. receipt of the Permanent General Manager, or General Manager, shall be a good discharge to the purchaser or purchasers and after his or their name or names shall have been entered in the Register in purported exercise of the aforesaid power the validity of the proceedings shall not be questioned by any person.

The

65. Any share may be transferred by a member to any other member, or to any child, grandchild, son-in- law, daughter-in-law, nephew, niece, wife, or husband

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of such member, and any share of a deceased member, may be transferred by his executors, or administrators, to any other member or to any child. grandchild, son-in-law, daughter-in-law, nephew, niece, widow or widower of such deceased member to whom such deceased member may have bequeathed the same, and shares standing in the name of the Trustees of the Will of any deceased member may be transferred upon any change of Trustees to the Trustees for the time being of such Will.

of a share without assigning any reason for such 66. The Board may decline to register any transfer refusal (a) where the Company has a lien on the share; (b) where it is not proved to their satisfaction that the proposed transferee is a responsible person; (c) where the Board are of an opinion that the proposed trans- feree is not a desirable person to admit to member- ship, provided always that paragraphs (b) and (c) of this Clause shall not apply to a transfer made pursuant to Clause 65 hereof. In any case where, if a transfer were registered, the number of members would be increased beyond the prescribed number, the Board shall refuse to register such transfer.

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office. Evidence of

67. Every instrument of transfer shall be left at Transfer to the Head Office for registration, accompanied by the be left at certificate of the shares to be transferred, and such other evidence as the Directors may require to prove title. the title of the transferor or his right to transfer the shares.

68. The Company shall keep a book to be called Register of "The Register of Transfers" and therein shall be Transfers. fairly and distinctly entered particulars of every transfer or transmission of any share.

69. Upon every transfer of shares the share certi- Procedure on ficate held by the transferor shall be given up to be transfer.

: cancelled and shall forthwith be cancelled accordingly and a new share certificate shall be issued to the transferee in respect of the shares transferred to him and if any of the shares included in the share certificate so given up shall be retained by the transferor a new share certificate in respect thereof shall be issued to him.