CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 120

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b) A certificate in writing under the hands of the Evidence of General Managers stating that a share has been forfeited forfeiture. shall be conclusive evidence of such forfeiture.

25. When any share shall have been so forfeited, Notice after notice of the resolution shall be given to the member in

forfeiture. whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register.

share to be-

26. Any share so forfeited shall be deemed to be the Forfeited property of the Company, and the Directors may sell, re-allot, or otherwise dispose of the same in such manner as they think fit.

come proper- ty of Com- pany.

27. The Directors may, at any time, before any Power share so forfeited shall have been sold, re-allotted or to annul otherwise disposed of, annul the forfeiture thereof upon forfeiture. such conditions as they think fit.

standing

28. Any member whose shares have been forfeited Arrears to shall, notwithstanding, be liable to pay, and shall forth be paid with pay to the Company, all calls, instalments, interest notwith- and expenses, owing upon or in respect of such shares forfeiture. at the time of forfeiture, together with interest thereon from the time of forfeiture until payment at the rate of Twelve dollars per cent. per annum, and the Directors may enforce the payment thereof if they think fit, and without any deduction or allowance for the value of the shares at the time of forfeiture.

shares.

29. The Company shall have a first and paramount Company's lien upon all the shares registered in the name of each lien on member (whether solely or jointly with others) and upon the proceeds of sale thereof, for his debts, liabilities and engagements, solely or jointly with any other person, to or with the Company, whether the period for the payment, fulfilment, or discharge thereof shall have actually arrived or not, and no equitable interest in any share shall be created except upon the footing and condition that Article 10 hereof is to have full effect. And such lien shall extend to all dividends from time to time declared in respect of such shares. Unless otherwise agreed, the registration of a transfer of shares shall operate as a waiver of the Company's lien (if any) on such shares.

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