17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 85

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than one month from the last call; and each member shall (subject to receiving at least fourteen days' notice specify- ing the time or times of payment) pay to the company at the time or times so specified the amount called on his shares.

13. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

14. If a sum called in rospect 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 cent. per annuin from the day appointed for the payment thereof to the time of the actual payment, but the directors shall be at liberty to waive payment of that interest wholly or in part.

15. The provisions of these regulations as to payment of interest shall apply in the case of nonpayment 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.

16. The directors may make arrangements on the issue of shares for a difference between the bolders in the amount of calls to be paid and in the times of payment.

17. 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 bim; 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 sauction of the company in general meeting, six per cent.) us may be agreed upon between the member paying the sum in advance and the directors.

Transfer and Transmission of Shares.

18. The instrument of transfer of any share in the company shall be executed both by the transferor and transferee, and the transferor shall be deemed to remain a hokler of the share until the name of the transferee is entered in the register of members in respect thereof.

19. Shares in the company shall be transferred in the following form, or in any usual or common form which the directors shall approve :-

I, A.B. of

sum of $

in consideration of the paid to me by C.D. of (hereinafter called “the said transferee") do hereby transfer to the said transferee the share [or shares] numbered in the undertaking called the Company Limited, to hold unto the said trans- force his executors, administrators, and assigns, subject to the several conditions on which I held the same at the time of the execution thereof and I, 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.

20. The directors may decline to register any transfer of shares, not being fully-paid shares, to a person of whom they do not approve, and may also decline to register any transfer of shares on which the company has a lion. The directors may also suspend the registration of transfers during the fourteen days immediately preceding the ordinary general mecting 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 rea- sonably require to show the right of the transferor to make the transfer.

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