Transmission of shares.—It need hardly be stated that a registered share holder is always entitled, as a general rule, to dispose of his shares to some other person. But where the shareholder has died a cornpany will only recognise his executors or administrators as having any title to his shares. Any one who becomes entitled to shares in consequence of the death, bankruptcy, or insolvency of a shareholder, or in consequence of the rnarriage of a female shareholder, can himself be registered as a shareholder upon producing the evidence required by the company. Instead, however, of being so registered himself he is entitled to have a nominee registered as a transferee, provided he duly executes a transfer.
Folfeiture.—If a shareholder fails to pay a call on the appointed day, the directors can give him notice requiring payment, with interest, by a specified date. The notice also states that in the event of non-payment the shares in respect of which the call was made will be liable to forfeiture. Shares forfeited on account of non-compliance with this notice become the property of the company, and may be disposed of in such manner as a general meeting thinks fit. Notwithstanding a forfeiture, the shareholder is liable to pay al) calls owing at the time thereof.
Conversion into stock.—The directors of a company, with the sanction of a general meeting, have power to convert any paid-up shares into stock. When such a conversion has been effected the holders of the stock have the same right, so far as circumstances permit, to transfer their stock, or any part of it, as they had to transfer their shares. And they are entitled to participate in the dividends and profits of the company according to their interests in the stock.
Share warrants to bearer.—In the case of a company limited by shares the company, if and so far as authorised so to do by its regulations as originally framed or as altered by special resolution, may issue a sealed warrant with respect to stock or fully paid-up shares. This warrant, which
is always referred to as a share warrant, states that the bearer is entitled to the stock or shares specified therein, and it provides, by coupons or other wise, for the payment of the future dividends. It entitles the hearer to the specified stock or shares, and these may be transferred by mere delivery of the instrument. In order to be registered as a member of the company the bearer of a share warrant must surrender it for cancellation. On the issue of a share warrant the company is bound to strike out of its register the name of the member then entered therein as a stock or shareholder as if he had ceased to become a member. The stamp duty is that payable on an amount equal to three times the amount of the ad valorem duty which would be chargeable on a deed transferring the stock or shares specified in the warrant, if the consideration for the transfer were the nominal value of the stock or shares. Severe penalties are incurred by any one who forges a share warrant, or falsely personates the owner, or manufactures a false warrant.
England the sheriff was originally, at common law, a royal officer to whom was entrusted the government of a county, the com mand and control of its militia, and the presidency of its court. To-day, however, the functions of his office are not nearly so extensive. He is responsible for the execution of a sentence of death, the execution of writs of the High Court, the return of elections, and the summoning of juries. But these and his other remaining duties are now actually performed by an under-sheriffi though his responsibility therefor continues. His personal attendance upon his Majesty's judges when on circuit is still obligatory ; he must sufficiently lodge and maintain them, show them due respect in and out of court, and regularly attend the assizes. He is appointed annually. He cannot act as a justice of the peace during his term of office.