A.D. 1865.]
liable to be forfeited.
COMPANIES.
[No. 1.
109
non-compliance with
19. If the requisitions of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time thereafter, before payment of all calls, interest, and expenses due in respect thereof has been made, be forfeited by a resolution of the directors to that effect.
20. Any share so forfeited shall be deemed to be the property of the company, and may be disposed of in such manner as the company in general meeting thinks fit.
notice.
Forfeited share to belong to company.
21. Any member whose shares have been forfeited shall notwithstanding be liable to pay to the company all calls owing upon such shares at the time of the forfeiture.
Calls on forfeited shares.
22. A statutory declaration in writing that the call in respect of a share was made and notice thereof given, and that default in payment of the call was made, and that the forfeiture of the share was made by a resolution of the directors to that effect, shall be sufficient evidence of the facts therein stated as against all persons entitled to such share, and such declaration and the receipt of the company for the price of such share shall constitute a good title to such share, and a certificate of proprietorship shall be delivered to a purchaser, and thereupon he shall be deemed the holder of such share discharged from all calls due prior to such purchase, and he shall not be bound to see to the application of the purchase money, nor shall his title to such share be affected by any irregularity in the proceedings in reference to such sale.
Conversion of Shares into Stock.
23. The directors may, with the sanction of the company previously given in general meeting, convert any paid-up shares into stock.
Power to convert shares into stock.
24. When any shares have been converted into stock, the several holders of such stock may thenceforth transfer their respective interests therein, or any part of such interests, in the same manner and subject to the same regulations as and subject to which any shares in the capital of the company may be transferred, or as near thereto as circumstances admit.
Transfer of stock.
25. The several holders of stock shall be entitled to participate in the dividends and profits of the company according to the amount of their respective interests in such stock; and such interests shall, in proportion to the amount thereof, confer on the holders thereof respectively the same privileges and advantages for the purpose of voting at meetings of the company, and for other purposes, as would have been conferred by shares of equal amount in the capital of the company; but so that none of such privileges or advantages, except the participation in the dividends and profits of the company, shall be conferred by any such aliquot part of consolidated stock as would not, if existing in shares, have conferred such privileges or advantages.
A.D. 1865.]
liable to be forfeited.
COMPANIES.
[No. 1.
109
non-compli ance with
19. If the requisitions of any such notice as aforesaid are not complied Forfeiture on with, any share in respect of which such notice has been given may at any time thereafter, before payment of all calls, interest, and expenses due in re- spect thereof has been made, be forfeited by a resolution of the directors to that effect.
20. Any share so forfeited shall be deemed to be the property of the com- pany, and may be disposed of in such manner as the company in general meeting thinks fit.
notice.
Forfeited belong to
share to
company.
feited shares.
21. Any member whose shares have been forfeited shall notwithstanding be Calls on for- liable to pay to the company all calls owing upon such shares at the time of the forfeiture.
forfeiture.
22. A statutory declaration in writing that the call in respect of a share was Evidence of made and notice thereof given, and that default in payment of the call was made, and that the forfeiture of the share was made by a resolution of the directors to that effect, shall be sufficient evidence of the facts therein stated as against all persons entitled to such share, and such declaration and the receipt of the company for the price of such share shall constitute a good title to such share, and a certificate of proprietorship shall be delivered to a purchaser, and thereupon he shall be deemed the holder of such share dis- charged from all calls due prior to such purchase, and he shall not be bound to see to the application of the purchase money, nor shall his title to such share be affected by any irregularity in the proceedings in reference to such sale.
Conversion of Shares into Stock.
23. The directors may, with the sauction of the company previously given Power to in general meeting, convert any paid-up shares into stock.
24. When any shares have been converted into stock, the several holders of such stock may thenceforth transfer their respective interests therein, or any part of such interests, in the same manner and subject to the same regu- lations as and subject to which any shares in the capital of the company may be transferred, or as near thereto as circumstances admit.
convert shares
into stock. of stock.
Transfer
25. The several holders of stock shall be entitled to participate in the Rights of
stock-holders. dividends and profits of the company according to the amount of their respect-- ive interests in such stock; and such interests shall, in proportion to the amount thereof, confer on the holders thereof respectively the same privileges and advantages for the purpose of voting at meetings of the company, and for other purposes, as would have been conferred by shares of equal amount in the capital of the company; but so that none of such privileges or advan- tages, except the participation in the dividends and profits of the company, shall be conferred by any such aliquot part of consolidated stock as would not, if existing in shares, have conferred such privileges or advantages.
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