72
CAP. 32]
Companies
[1984 Ed.
(c) a return in respect of the conversion of shares of one class
into shares of another class.
(Added, 6 of 1984, s. 33)
Nature of shares.
1948 c. 38, s. 73.
Numbering of shares.
(cf. 1948 c. 38, s. 74.]
Transfer not to be registered except on
production of
instrument of transfer.
1929 c. 23, s. 63.
Transfer by personal representative.
1929 c. 23. s. 64.
Registration of transfer at
request of
transferor.
1929 c. 23, s. 65.
Transfer of Shares and Debentures, Evidence of Title
65. The shares or other interest of any member in a company shall be personal estate, transferable in manner provided by the articles of the company, and shall not be of the nature of real estate. (Replaced, 6 of 1984, s. 34)
65A. (1) Subject to subsections (2) and (3), each share in a company having a share capital shall be distinguished by its appropriate number.
(2) If at any time all the issued shares in a company, or all the issued shares therein of a particular class, are fully paid up and rank pari passu for all purposes, none of those shares need thereafter have a distinguishing number, so long as it remains fully paid up and ranks pari passu for all purposes with all shares of the same class for the time being issued and fully paid up.
(3) Where new shares are issued by a company on the terms that, within a period not exceeding 12 months, they will rank pari passu for all purposes with all the existing shares, or all the existing shares of a particular class, in the company, neither the new shares nor the corresponding existing shares need have distinguishing numbers so long as all of them are fully paid up and rank pari passu but the share certificates of the new shares shall, if not numbered, be appropriately worded or enfaced.
(Added, 6 of 1984, s. 34)
66. Notwithstanding anything in the articles of a company, it shall not be lawful for the company to register a transfer of shares in or debentures of the company unless a proper instrument of transfer has been delivered to the company:
Provided that nothing in this section shall prejudice any power of the company to register as shareholder or debenture holder any person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.
67. A transfer of the share or other interest of a deceased member of a company made by his personal representative shall, although the personal representative is not himself a member of the company, be as valid as if he had been such a member at the time of the execution of the instrument of transfer.
68. On the application of the transferor of any share or interest in a company, the company shall enter in its register of members the name of the transferee in the same manner and subject to the same conditions as if the application for the entry were made by the transferee.
Page 330
Page 331
72
CAP. 32]
Companies
[1984 Ed.
(c) a return in respect of the conversion of shares of one class
into shares of another class.
(Added, 6 of 1984, s. 33)
Nature of shares.
1948 c. 38, s. 73.
Numbering of shares.
(cf. 1948 c. 38, s. 74.]
Transfer not to be registered except on
production of
instrument of transfer.
1929 c. 23, s. 63.
Transfer by personal representative.
1929 c. 23. s. 64.
Registration of transfer at
request of
transferor.
1929 c. 23, s. 65.
Transfer of Shares and Debentures, Evidence of Title
65. The shares or other interest of any member in a company shall be personal estate, transferable in manner provided by the articles of the company, and shall not be of the nature of real estate. (Replaced, 6 of 1984, s. 34)
65A. (1) Subject to subsections (2) and (3), each share in at company having a share capital shall be distinguished by its appro- priate number.
(2) If at any time all the issued shares in a company, or all the issued shares therein of a particular class, are fully paid up and rank pari passu for all purposes, none of those shares need thereafter have a distinguishing number, so long as it remains fully paid up and ranks pari passu for all purposes with all shares of the same class for the time being issued and fully paid up.
(3) Where new shares are issued by a company on the terms that, within a period not exceeding 12 months, they will rank pari passu for all purposes with all the existing shares, or all the existing shares of a particular class, in the company, neither the new shares nor the corresponding existing shares need have distinguishing numbers so long as all of them are fully paid up and rank pari passu but the share certificates of the new shares shall, if not numbered, be appropriately worded or enfaced.
(Added, 6 of 1984, s. 34)
66. Notwithstanding anything in the articles of a company, it shall not be lawful for the company to register a transfer of shares in or debentures of the company unless a proper instrument of transfer has been delivered to the company:
Provided that nothing in this section shall prejudice any power of the company to register as shareholder or debenture holder any person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.
67. A transfer of the share or other interest of a deceased member of a company made by his personal representative shall, although the personal representative is not himself a member of the company, be as valid as if he had been such a member at the time of the execution of the instrument of transfer.
68. On the application of the transferor of any share or interest in a company, the company shall enter in its register of members the name of the transferee in the same manner and subject to the same conditions as if the application for the entry were made by the transferee.
Page 330Page 331
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