Clause 57
Share warrants
BillNot in forceProvision 213 of 399
Clause 57
(1)
A company shall not issue any share warrant.[Aust.s. 57.]
(2)
The bearer of a share warrant issued before the date of the coming into operation of this Act shall be entitled, on surrendering it for cancellation to have his name entered in the register of members.
(3)
The company shall be responsible for any loans incurred by any person by reason of the company entering in the register the name of a bearer of a share warrant issued before the date of the coming into operation of this Act in respect of the shares therein specified without the warrant being surrendered and cancelled.