Transport Act, 1944
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Supplemental provisions in relation to substituted stock. |
15.—(1) Any holder of stock of a dissolved company who delivers to the Secretary of the Company the certificate or certificates of such stock to be cancelled shall be entitled without payment to receive from the Company in substitution for the certificate or certificates so delivered a certificate of the substituted stock which is allocated to such holder by section 14 of this Act in substitution for the stock of which the certificate or certificates are so delivered, but until such substitution the certificates of stock of the dissolved companies shall, subject to subsection (2) of the said section 14 , be deemed to be certificates of stock of the Company which is allocated by the said section 14 to holders of stock of the dissolved companies. | |
(2) If any certificate of stock of any dissolved company in substitution for which any substituted stock is allocated by section 14 of this Act is lost or destroyed, then upon proof of such loss or destruction and upon an indemnity being given to the reasonable satisfaction of the directors of the Company against any claim in respect of such certificate, the Company shall deliver to the person entitled to such certificate a certificate of the substituted stock allocated to him by the said section 14 . | ||
(3) Stock of the Company substituted by virtue of section 14 of this Act for stock of any dissolved company shall be held upon and subject to the same trusts, liens, charges, powers and other legal or equitable rights, privileges, and restrictions as affected the stock for which, by virtue of the said section 14 , the stock of the Company is substituted and any reference in any statute, deed, will, codicil, book, document, instrument or writing to the stock of that dissolved company shall be deemed, as on and from the establishment date, to be a reference to the stock of the Company substituted therefor by virtue of the said section 14 . | ||
(4) Any person (being a trustee or executor or acting in any representative or fiduciary capacity) who, immediately before the establishment date, is the holder of any stock of a dissolved company for which any stock of the Company is substituted by virtue of section 14 of this Act may hold, dispose of or otherwise deal with the substituted stock in all respects as he might have held, disposed of or otherwise dealt with the stock for which it is so substituted. |