Classification: General
60
(a)
during a period of 12 years at least three cash dividends or other distributions have
become payable in respect of the share to be sold and have been sent by the
Company in accordance with these articles;
(b)
during that period of 12 years no cash dividend or distribution payable in respect of
the share has been claimed, no cheque, warrant, order or other payment for a
dividend or distribution has been cashed, no dividend or distribution sent by means
of a funds transfer system has been paid and no communication has been received
by the Company from the member or the person entitled by transmission to the
share;
(c)
on or after the expiry of that period of 12 years the Company has published
advertisements both in a national newspaper and in a newspaper circulating in the
area in which the last known address of the member or person entitled by
transmission to the share or the address at which notices may be given in
accordance with these articles is located, in each case giving notice of its intention
to sell the share; and
(d)
during the period of three months following the publication of those
advertisements and after that period until the exercise of the power to sell the
share, the Company has not received any communication from the member or the
person entitled by transmission to the share.
(2)
The Company's power of sale shall extend to any further share which, on or before the
date of publication of the first of any advertisement pursuant to subparagraph (1)(c)
above, is issued in right of a share to which paragraph (1) applies (or in right of any share
to which this paragraph applies) if the conditions set out in subparagraphs (1)(b) to (d)
are satisfied in relation to the further share (but as if the references to a period of 12 years
were references to a period beginning on the date of allotment of the further share and
ending on the date of publication of the first of the advertisements referred to above).
(3)
To give effect to any sale, the board may authorise some person to transfer the share to,
or as directed by, the purchaser, who shall not be bound to see to the application of the
purchase money; nor shall the title of the new holder to the share be affected by any
irregularity in, or invalidity of, the proceedings relating to the sale.
134.
133.
Application of proceeds of sale
(1)
The Company shall account to the person entitled to the share at the date of sale for a
sum equal to the net proceeds of sale and shall be deemed to be his debtor, and not a
trustee for him, in respect of them.
(2)
Pending payment of the net proceeds of sale to such person, the proceeds may either be
employed in the business of the Company or invested in such investments (other than
shares of the Company or its holding company, if any) as the board may from time to time
decide.
(3)
No interest shall be payable in respect of the net proceeds and the Company shall not be
required to account for any moneys earned on the net proceeds.
DESTRUCTION OF DOCUMENTS
135.
134.
Destruction of documents
(1)
Subject to the Statutes and the provisions of articles
92
93
and 12
3
4
the board may
authorise or arrange the destruction of documents held by the Company as follows:
(a)
at any time after the expiration of ten years from the date of registration, all
instruments of transfer of shares and all other documents transferring or
purporting to transfer shares or representing or purporting to represent the right to