the-ordinances-of-the-legislative-counci-1890v3 — Page 168

ORDINANCE No. 1 OF 1877 . 1451


Companies.


Share warrants to bearer .

26. In the case of a company limited by shares - the company , if Warrant of
limited shares
authorized so to do by its regulations as originally framed -or as altered fully paid up
may be issued
by special resolution , and subject to the provisions of such regulations , in name of
bearer.
may, with respect to any share which is fully paid up, or with respect [sec. 27. ]
to stock issue under their common seal a warrant stating that the bearer
of the warrant is entitled to the share or shares or stock therein specified ,
and may provide, by coupons or otherwise, for the payment of the future
dividends on the share or shares or stock included in such warrant ,
hereinafter referred to as a share warrant .


27. A share warrant shall entitle the bearer of such warrant to the Effect of
sharewarrant.
shares or stock specified in it, and such shares or stock may be trans [sec. 28. ]
ferred by the delivery of the share warrant.


28. The bearer of a share warrant shall, subject to the regulations Re-registra
tion of bearer
of the company , be entitled , on surrendering such warrant for cancellation , of a share
warrant in the
to have his name entered as a member in the register of members , and register.
the company shall be responsible for any loss incurred by any person by [sec. 29. ]

reason of the company entering in its register of members the name of

any bearer of a share warrant in respect of the shares or stock specified
therein without the share warrant being surrendered and cancelled .


29. The bearer of a share warrant may, if the regulations of the Regulation of
the company
company so provide, be deemed to be a member of the company within may make the
bearer of a
the meaning of the principal Ordinance, either to the full extent or for share warrant
such a member.
purposes as may be prescribed by the regulations : [sec. 30. ]


Provided that the bearer of a share warrant shall not be qualified in
respect of the shares or stock specified in such warrant for being a director
or manager ofthe company in cases where such a qualification is prescribed
by the regulations of the company .


30. On the issue of a share warrant in respect of any share or stock Entries in
-the register where
membercompany shall strike out of its register of members the name of the share warrant
then entered therein as holding such share or stock as if he had [sec. 31. ]
issued.

ceased
ticu to be a member , and shall enter in the register the following par
lars:
―――


( 1. ) The fact of the issue of the warrant.