Ch. 31. No. 1.] Compante,

or disposition the forfeiture may be cancelled on such terms as the directors
think fit.

27. A person whose shares have been forfeited shall cease to be a member
in respect of the forfeited share. but shall, notwithstanding, remain liable
to pay fo the company all moneys which, at the date of forfeiture, were
presently payable by him to the company in respect of the shares, but lis
hability shallees  ifand when the company receive payment in full of
the nominal amount of the sh.

28. A statutory declination in writing that the declarant is a direetor
of the company, and that ashare ia the company has been duly forfeited
ontdate stated in the declaration, shall be conclusive evidence of the
lacts there stated as against all persons claiming (o be entitled to the
share, Phe company may reecive the consideration, fanny, given for the
share on cany cale or disposition thereof and may execute a trauster
ef the share tu favour of the person to whom the share is sold or disposed
of and he sali thereupon be registered as the holder of the share, and
shall not be bound to sce to the appheation of the purchase money, if
any nor shall his title to the share be affected by any irregularity or
Wvalidity in the proceedings | in reference to the forfeiture, cate or disposal
of (he share,

The provistons of the, regulations as to forfeiture shall apply in
the ofhon payment obany sum which, by the terms of issue of a share
becomes payable ata tived dime, whether on acconnt af the amount of the
share ar by way of premium, as tithe came lid been payable by virtue of

call duly made and notilied,

The company nia by odin: ‘solution convert any paid-up
share info stock, and teconvert ock into paid-up shares of any
denomination,

31. he helders of stock may transfer Che aime, or any part thereof, in
the samme manner, and subject to the same regubitions, as ind subject to
which, the sh. os from which the stock arose might previously to conver-
sion have been transterred, or as near Chereto as cireumstanee. admit:
but the directors may from time fo time fix the minimum amount: of
stock transferable, and restiet or forbid the transfer of fractions of that
minimum, but the minimums shall not cxceed the nominal amount of
the shates from which the stock arose.

32. Phe holders of steck shall, according to the amount of the stack

held by them, have the same cights, privilege. and advantage. as regards
dividends, voting at meetings of the company and other matters as if they
held the share. from which the stock arose, but no such privilege or
advantage (except parteipation ino the dividends and) profits of the
company) shall be conferred by any such aliquot: part of stock as would
not, if existing in share, have conferred that privilege or advant:

Such of the regulations of (he comparry as are applic able to paid up
shares shall apply to stock, and the words “share "and ‘shareholder ’
therein shall include stock " and stock-holder.”