Transmission of Shares.

25. The executors or administrators of a deceased member (not being one of several joint holders) shall be the only persons recognised by The Company as having any title to the shares registered in the name of such member.

26. Any parent or guardian of any infant member, or any committee of a lunatic member, or any person becoming entitled to shares in consequence of the death, bankruptcy, or liquidation of any member, or of the marriage of any female member, or in any other way than by transfer, upon producing such evidence that he sustains the character in respect of which he proposes to act under this clause, or of his title, as the Directors think sufficient, may, with the consent of the Directors, be registered himself as a member in respect of such shares, or subject to the regulations as to transfer hereinbefore contained, may transfer the same to some other person.