 

Q)

Nothing in clause (1) shall release the estate of a deceased joint holder from any
liability in respect of any share or other securities which had been jointly held by him
with other persons.

Estate of deceased
member liable

 

(3)

Any person becoming entitled to a share or other securities in consequence of the death
or insolvency of a member may, upon such evidence being produced as may from time
to time properly be required by the Board and subject as hereinafter provided, elect,
either —

(a)_ to be registered himself as holder of the share or other securities; or

(b) to make such transfer of the share or other securities as the deceased or insolvent
member could have made.

Transmission
Clause

 

@

The Board shall, in either case, have the same right to decline or suspend registration
as it would have had, if the deceased or insolvent member had transferred the share or
other securities before his death or insolvency.

Board's right
unaffected

 

(5)

If the person so becoming entitled shall elect to be registered as holder of the share or
other securities himself, he shall deliver or send to the Company a notice in writing
signed by him stating that he so elects.

Right to election
of holder of share
or other securities

 

(6)

If the person aforesaid shall elect to transfer the share or other securities, he shall
testify his election by executing a transfer of the share or other securities.

Manner of
testifying election

 

”%)

All the limitations, restrictions and provisions of these regulations relating to the right
to transfer and the registration of transfers of shares or other securities shall be
applicable to any such notice or transfer as aforesaid as if the death or insolvency of
the member had not occurred and the notice or transfer were a transfer signed by that
member.

Limitations
applicable to
notice

 

(8)

(a) A person becoming entitled to a share or other securities by reason of the death
or insolvency of the holder shall be entitled to the same dividends and other
advantages to which he would be entitled if he were the registered holder of the
share or other securities, except that he shall not, before being registered as a
member in respect of the share or other securities, be entitled in respect of it to
exercise any right conferred by membership in relation to meetings of the
Company.

(b) Provided that the Board may, at any time, give notice requiring any such person
to elect either to be registered himself or to transfer the share or other securities,
and if the notice is not complied with within ninety days, the Board may thereafter
withhold payment of all dividends, bonuses or other monies payable in respect of
the share or other securities, until the requirements of the notice have been
complied with.

Claimant to be
entitled to same
advantage

 

(9)

No fee shall be charged for registration of transfer, transmission, probate, succession,
certificate and letter of administration, certificate of death or marriage, power of
attorney or similar other documents.

No fee for transfer
or transmission

 

LIEN ON SHARES

 

 

12

 

@

 

(a) The Company shall have a first and paramount Lien-

(i) on every share (not being a fully paid share) and upon the proceeds of sale
thereof for all monies (whether presently payable or not) called, or payable
at a fixed time, in respect of that share; and

(ii) onall shares (not being fully paid shares) standing registered in the name of
a member, for all monies presently payable by him or his estate to the
Company.

(b) Provided that the Board may at any time declare any share to be wholly or in part
exempt from the provisions of this Article.

(c)_ Provided further that the fully paid up shares shall be free from all lien.

 

Company's lien
on shares

 

379

 
