CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 71

31

79. When a share shall be held by a firm the Company Company shall not be bound or affected by the death or not affected retirement therefrom of any member thereof but such by death of share shall be deemed to belong to the firm as con- Firm. stituted for the time being.

member of

standing

80. When a share stands in the name of a Firm Shares the senior resident partner thereof in the Colony, shall in the name be deemed to be the owner of such share for all the of a Firm. purposes of the Company, but in case of the death of such partner such share shall not be deemed to belong to his executors or administrators, or, in case of his separate bankruptcy, such share shall not be deemed to belong to his assignee, but in either case such share, for · all the purposes of the Company, shall be deemed to belong to his surviving or solvent partner, if but one, and to the senior of his surviving or solvent partners, if there shall be more than one such partner, subject nevertheless, in the event of the dissolution of such firm to the immediately following Article.

81. On the dissolution of any firm, holding any On dissolu- shares in the Company the person who shall, by virtue tion of Firm. of the immediately preceding Article, be deemed to be the owner thereof, shall be deemed to be the person appointed by the members of the firm to liquidate and wind up the firm but so far as regards liability of the holders of the shares in respect of such shares each of the members of such firm his executors or administrators, shall be liable to the Company.

shares of

82. Any person becoming entitled to shares in con- As to trans- sequence of the death or bankruptcy of any member, or mission of by any lawful means other than by transfer in accordance deceased or with these Articles, upon producing such evidence that bankrupt he sustains the character in respect of which he proposes members. 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." sion clause.

Transmis-

83. The instrument of transfer of any share shall Execution be signed both by the transferor and transferee, and of transfer.

77