The registration of transfers of transferable stocks, shares, and securities; with a chapter on the forged transfers acts and an appendix of forms for directors, secretaries ... - Softcover
Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893 Excerpt: ...and other bodies to which the Act applies are also empowered, if they think fit, to raise a fund to meet claims for such compensation. As the Act does not give power to use the fund for any other purpose there is a danger of excessive accumulation in view of the comparative rarity of forged transfers. By the Forged Transfers Act, 1892, the companies and other bodies which adopt the Acts have power to make compensation whether the person receiving such compensation, or any person through whom he claims, has or has not paid any fee or otherwise contributed to the said fund.f By the same Act they are empowered to compensate whether the loss arose, or the transfer or power of attorney were forged, before or after the passing of the Act.f It also provides that where a company or other body has amalgamated with another, it shall have the same powers under the Forged Transfers Act, 1891, as the original company or body would have had if it had continued. J It may be pointed out that even before the Act of 1891, where companies registered a forged transfer, although they could deny that the registered transferee was a shareholder, they were liable to indemnify any persons acting on the faith of their register. § And that the persons who in most cases bore the loss were not the transferees but the selling brokers, to whom it 55 & 56 Vic. o. 36 (see page 95). t Ibid., s. 2. Ibid., s. 4. § Re Bahia and San Francisco Eailway Company, L. E. 8 Q. B. 584; Hart v. Ffontino & Bolivia, &c, Company,-6 Ex. 111. Reynolds v. Smith; Times Law Reports, 14th June, 1898. was an ordinary business risk, and between whom and the company there was no privity. The transferees under the Acts will now receive immediate compensation from the company, but the company ha...
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