 

shall (unless the same shall on demand by the Company has been previously
surrendered to it by the defaulting member) stand cancelled and become null and void
and be of no effect, and the Board shall be entitled to issue a duplicate certificate(s) in
respect of the said shares to the person(s) entitled thereto.

respect of
forfeited shares

 

 

 

 

 

 

 

 

 

 

 

 

(16) _| The provisions of these Articles as to forfeiture shall apply in the case of non-payment | Sums deemed to
of any sum which, by the terms of issue of a share, becomes payable at a fixed time, | be calls
whether on account of the nominal value of the share or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.
TRANSFER OF SHARES OR OTHER SECURITIES
10 |) | A proper instrument of transfer shall be used and the instrument of transfer of any ] Instrument of
share or other securities in the Company shall be in writing which shall be duly | transfer to be
executed by or on behalf of both the transferor and transferee and the instrument shall | executed by
be duly stamped, dated and executed and shall be in compliance of all provisions of | transferor and
section 56 of the Act and statutory modification thereof for the time being shall be | transferee
duly complied with in respect of all transfer of shares or other securities and
registration thereof. The instrument for transfer properly executed should be delivered
to the Company within a period of sixty days from the date of execution along with
the certificate relating to the shares or other securities.
(2) The transferor shall be deemed to remain a holder of the share until the name of the | Entry of transfer
transferee is entered in the register of members in respect thereof. in the Register or
Members
(3) __ | The Board may, subject to the right of appeal conferred by the Section 58 of the Act | Board may refuse
decline to register, to register transfer
(a) the transfer of a share, not being a fully paid share, to a person of whom they do
not approve; or
(b) any transfer of shares on which the Company has a Lien.
(4) The Board may decline to recognise any instrument of transfer unless- Board may
decline to
(a) the instrument of transfer is duly executed and is in the form as prescribed in the | recognize
Rules made under sub-section (1) of Section 56 of the Act; instrument of
transfer
(b) the instrument of transfer is accompanied by the certificate of the shares or other
securities to which it relates, and such other evidence as the Board may
reasonably require to show the right of the transferor to make the transfer; and
(©) the instrument of transfer is in respect of only one class of shares or other
securities.
Provided that the registration of a transfer shall not be refused on the ground of the
transferor being either alone or jointly with any other person or persons indebted to
the Company on any account whatsoever.
© | No transfer shall be made to a minor or person of unsound mind except as required by | No Transfer to
law. Minor
(6) _ | On giving of previous notice of at least seven days or period in accordance with | Transfer of shares
Section 91 of the Act and Rules made there under, the registration of transfers may | when suspended
not be suspended for more than thirty days at any one time or for more than forty five
days in the aggregate in any year.
(7) | The Company shall within thirty days from the date on which the instrument of | Notice of refusal
transfer was delivered to Company, or such other period as may be prescribed by the | to register transfer
Act, send notice of the refusal to the transferee and the transferor giving reasons for
such refusal.
TRANSMISSION OF SHARES OR OTHER SECURITIES
li | @) On the death of a member, the survivor or survivors where the member was a joint | Title to shares or

 

 

holder, and his nominee or nominees or legal representatives where he was a sole
holder, shall be the only persons recognised by the Company as having any title to his
interest in the shares or other securities.

 

other securities on
death of amember

 

378

 
