B.—6b

4

5. The Registrar may, for such period not exceeding fourteen days as ho may from time to time fix previous to each payment of dividend on any colonial stock to which this Act applies, close the register of that stock as regards transfers, upon giving not less than seven days' notice by advertisement of such closing. The persons who on the day of such closing are inscribed as stockholders shall, as between them and their transferees of colonial stock, be entitled to the dividend then next payable thereon. 6. "Where colonial stock to which this Act applies is standing in the name of an infant or person of unsound mind, jointly with any person not under legal disability, a letter of attorney for the receipt of the dividends on the stock shall be sufficient authority in that behalf, if given under the hand and seal of the person not under disability, and duly attested. The Registrar, before acting on the letter of attorney, may require proof to his satisfaction of the alleged infancy or unsoundness of mind, by the declaration of competent persons made under the Statutory Declarations Act, 1835, or in such other manner as he may reasonably require. Stock Ceetificates to Beareb. 7. The Eegistrar, if so authorized by the Government of a colony issuing stock to which this Act applies, shall, on application and payment of the fees and stamp duty, if any, chargeable in respect of the certificate, grant to a stockholder a certificate (in this Act called a stock certificate to bearer) which shall entitle the bearer to the stock therein described, and shall be transferable by delivery. There shall be attached to such certificate coupons entitling the bearer of or person named in the coupons to the dividends on the stock for a limited period. Any stock in respect of which a stock certificate to bearer has been so issued shall, so long as such certificate is outstanding, cease to be dealt with through the medium of the register. A coupon so issued shall be deemed to be a cheque on a banker within the meaning of any law or enactment for the time being in force relating to cheques, other than any enactment relating to stamp duties. 8. Where a composition has not been paid in respect of the stamp duty chargeable on the transfer of any stock to which this Act applies, a stock certificate to bearer issued in respect of that stock shall be charged with a stamp duty of two shillings and sixpence for every full sum of one hundred pounds, and also for every fraction over and above one hundred pounds, or any multiple of one hundred pounds, of the nominal amount of stock described in such certificate. 9. On the expiration of the period for which the coupons attached to a stock certificate to bearer have been issued under this Act, the certificate may be exchanged for another certificate, with coupons for a further period: Provided that the certificate issued in exchange, if the stamp duty has not been compounded, shall be duly stamped; but in such case the whole amount of the stamp duty on the former certificate shall be repaid or allowed on surrender of that certificate. 10. On delivery to the Eegistrar of a stock certificate to bearer issued under this Act, and of all unpaid coupons belonging thereto, the Eegistrar shall enter the bearer in the register as an owner of the stock described in the certificate, and thereupon that stock shall become transferable, and the dividends thereon payable as if no stock certificate to bearer had been issued in respect of that stock. 11. If the bearer of a stock certificate to bearer issued under this Act insert therein the name, address, and quality of some person, such certificate shall cease to be transferable, and the person so named, or some person deriving the title from him by devolution in law, shall alone be recognized by the Eegistrar as entitled to the stock described in the certificate, and shall be entitled to be entered in the register as holder of that stock in like manner as if he were the bearer of a stock certificate to bearer, but if deriving his title by devolution in law shall produce such evidence of his title as the Registrar may reasonably require. 12. A trustee shall not apply for or hold a stock certificate to bearer issued under this Act, unless authorized to do so by the terms of his trust, and any contravention of this provision by a trustee shall be deemed a breach of trust i but this provision shall not impose on the Registrar an obligation to inquire whether a person applying for a stock certificate to bearer is or is not a trustee, or subject the Registrar to any liability in the event of his issuing a stock certificate to bearer to a trustee, or invalidate any stock certificate to bearer issued. 13. If any stock certificate to bearer issued under this Act is lost, mislaid, or destroyed, the Registrar shall, on such indemnity being given as he may require, and on payment of the expense of the issue, issue a fresh stock certificate to bearer in the place of the certificate so lost, mislaid, or destroyed.. 14. Stock described in a stock certificate to bearer issued under this Act shall, save as relates to the mode of transfer and payment of dividends, be subject to the same incidents in all respects as if it had continued to be transferable in the register. Registee. 15. No notice of any trust in respect of any colonial stock, or any certificate thereof, or any coupon annexed to such certificate, shall be entered in the register, or receivable by the Registrar or by the Government of the colony. 16. The Registrar may, before the inscription of any stock, make with respect to the transfer of such stock, or otherwise in relation to such stock, reasonable regulations not inconsistent with the provisions of this Act. A printed copy of the authority for and conditions of the issue of stock to which this Act applies, and of all regulations with respect to the transfer of such stock, or otherwise for carrying this Act into effect, shall be entered in the register of the stock. 17. The register kept in pursuance of this Act shall be evidence of all matters entered therein, and, as regards persons entered therein as owners of colonial stock to which this Act applies, of the title of those persons to that stock.