https://www.taxtmi.com/caselaws?id=97625 The article addresses invalidity of a company's summary sale of 26,752 shares where the articles limit sale power to shares subject to a possessory lien; shares subject only to an equitable charge cannot be sold under that procedure, and the statutory conditions for sale (presently payable debt and correct written demand and notice) were not satisfied. It finds the directors who declared the debt and gave notice lacked lawful authority when they acted, the outside purchaser was not an innocent bona fide purchaser because of notice and suspicious conduct, and the company's asserted indebtedness was materially overstated; the register must be rectified in favour of the original shareholder. en-us Tue, 04 Mar 1958 00:00:00 +0530 Tue, 17 Jan 2012 15:00:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97625 The article addresses invalidity of a company's summary sale of 26,752 shares where the articles limit sale power to shares subject to a possessory lien; shares subject only to an equitable charge cannot be sold under that procedure, and the statutory conditions for sale (presently payable debt and correct written demand and notice) were not satisfied. It finds the directors who declared the debt and gave notice lacked lawful authority when they acted, the outside purchaser was not an innocent bona fide purchaser because of notice and suspicious conduct, and the company's asserted indebtedness was materially overstated; the register must be rectified in favour of the original shareholder. Case-Laws Companies Law Tue, 04 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97625