Transfer of Shares.

19. Shares shall be transferable subject to the following provisions:—The instrument of transfer shall be executed both by the transferor and the transferee, and the transferor shall be deemed to remain the holder of such shares or stock until the name of the transferee is entered in the Register in respect thereof.

20. The instrument of transfer of any share shall be in the following form, or as near thereto as circumstances will admit:—

I, A B, of in consideration of the sum of pounds paid to me by C D of do hereby transfer to the said C D the share (or shares) numbered standing in my name in the books of The Co-operative Land Settlement Company (Limited) to hold unto the said C D his executors administrators and assigns subject to the several conditions on which I hold the same at the time of the execution hereof. And I the said C D do hereby agree to take the said share (or shares) subject to the same conditions.

As witness our hands the____day of

21. The Directors may decline to register any transfer of shares upon which the Company has a lien. And no transfer of a shares shall be made to any person who shall not be approved of by the Directors and they shall have absolute discretion not controlable by any Court law or equity to accept or reject a proposed transferee and shall not be bound to give any reason for rejecting him.

22. Every instrument of transfer shall be delivered to the Company for registration, accompanied by the certificate of the share to be transferred, and such other evidence as the Directors may require to prove the title of the transferor or his right to transfer the shares.

23. All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall be returned to the person depositing the same.

24. A fee, not exceeding two shillings, and sixpence, may be charged for each transfer, and shall, if required by the Directors, be paid before the registration thereof. The transfer books may be closed. page 7 during such time as the Directors think fit, not exceeding in the whole 30 days in each year.