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Classification: General
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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.
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.
Destruction of documents
(1)
Subject to the Statutes and the provisions of articles 93 and 124 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
be registered as the holder of shares on the faith of which entries have been made
in the register;
(b)
at any time after the expiration of one year from the date of cancellation, all
registered share certificates which have been cancelled;
(c)
at any time after the expiration of one year from the date of the relevant meeting,
all proxy forms;
(d)
at any time after the expiration of two years from the date of recording them, all
distribution mandates and notifications of change of address; and
(e)
at any time after the expiration of one year from the date of actual payment, all
paid distribution warrants and cheques.
(2)
It shall conclusively be presumed in favour of the Company that:
(a)
every entry in the register purporting to have been made on the basis of an
instrument of transfer or other document so destroyed was duly and properly
made;
(b)
every instrument of transfer so destroyed was a valid and effective instrument duly
and properly registered;
(c)
every share certificate so destroyed was a valid certificate duly and properly
cancelled;
(d)
every other document mentioned in paragraph (1) above so destroyed was a valid
and effective document in accordance with the particulars of it recorded in the
books and records of the Company; and
(e)
every paid distribution warrant and cheque so destroyed was duly paid.