Government Gazette Of Uttar Pradesh

UTTAK PE ADEGR GAZETTE, JUNE 2 1955

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(lij The iiibli amain oi Lraiulir of .shdj-ed shall be signed by the
iranst'ei-or and. tlit traiiaifei-ta and. submitted Lo the Board; the
11'tiiiibierjj sliL-ili bo clamed Lo rc-jutin tii6 holder of such shares until
tlv3 name ui tjn? Li'Jxisieree is eatej ^d in the register. Each signature
In ,'ticli uivinoiei1 ah.id bs duly acte-sted by one witness who shall sign
giving lua address and occupation.

is. Powai- to rslMse racogiiiUoj oi transfer—(i) The Board shall
HOD decline to recognize any instrument of transfer except in case
were—

(n) a sum not exceeding rupees two JH not piiid to the Corpo-
ration in respeco of clie fciMnsfer which sum shall not in any
evt,nu to refunded ; or

(6) the instrument of transfer is not accompanied by the
certificate of the shares to which it relates and such other evi-
dence as the Corporation may reasonably require in support
oi the transfer is not produced.

(n) Upon receipt by the Board of an instrument of transfer with
a request to register the transferee the Board shall make such
eiiquny as it may consider necessary to satisfy itself regarding the right
of the transferor to make the transfer and the qualifications of the
transferee to be registered as a shareholder.

19. Transmission of shares in the event of the death, insolvency,
oie. o£ a shareholder—(i) The esecutars or administrators of a deceased
soleiioider of a .share, or the holder of a succession certificate issued
under Pare X of the Indian Succession Act, 1925, in respect of such
share, or a person in whoss favour a valid instrument of transfer of
such share wds executed by such person or by the deceased sole-holder
during the latter'ts life-time, shall be the only person who may be
recognized by the Corporation as having any title to the shares of
the deceased shareholder. In the case of a share registered in the
name of two or more holders, the survivor or survivors and on the
death of che last survivor, his executors or administrators, or any
person who is the holder of a succession certificate in respect of such
share, or a person hi whose favour a valid instrument of transfer of
the shares was executed by such person, and such last survivor during
the latter's Uie-tinie, shall be the only pirson who may be recognized
by the Corporation as having any title to such sbares. The Corpora-
tion shall not be bound to recognize such executors or administrators
unless they shall have obtained probate or letters of administration,
or other legal representation as tne case may be, from a duly con-
stituted Court in India having effect at the place where the share
register of the Corporation is maintained; provided, nevertheless
that in any case where the Board shall in their absolute discretion
think fit, it shall be lawful for the Board to dispense with the
production of succ3ssion certificate, letters of administration or such
other legal representation upon such terms as to indemnity or
otherwise as tne Board may think fit.

(ii) Any such person becoming entitled to a share in consequence
of the death of a shareholder and any person becoming entitled to
a share in consequence of the insolvency, bankruptcy, or liquidation
of a shareholder shall, upon production of such evidence as the Board
may require, have the right—

(a) to be registered as a shareholder in respect of the share
upon his satisfying the Board in the same manner as if he were
the proposed transferee under regulation 18(ii) and that he is
qualified to be a shareholder, or

(6) to make such transfer of the share as the person from
whom he derives his title could have made,

fio. Shareholder ceasing to be otualifiea for regtetration-(i) It shall
be the duty of any person registered as ft shareholder, whether alone