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FORGED TRANSFERS ACT 1891 - SECT 1



1.(1) Where a company or local authority issue or have issued shares, stock,
or securities transferable by an instrument in writing or by an entry in any
books or register kept by or on behalf of the company or local authority, they
shall have power to make compensation by a cash payment out of their funds for
any loss arising from a transfer of any such shares, stock, or securities, in
pursuance of a forged transfer or of a transfer under a forged power of
attorney, [whether such loss arises, and whether the transfer or power of
attorney was forged before or after the passing of this Act, and whether the
person receiving such compensation, or any person through whom he claims, has
or has not paid any fee or otherwise contributed to any fund out of which the
compensation is paid].

(2) Any company or local authority may, if they think fit, provide, either by
fees not exceeding the rate of [5p] on every one hundred pounds transferred
[with a minimum charge equal to that for twenty-five pounds] to be paid by the
transferee upon the entry of the transfer in the books of the company or local
authority, or by insurance, reservation of capital, accumulation of income, or
in any other manner which they may resolve upon, a fund to meet claims for
such compensation.

(3) For the purpose of providing such compensation any company may borrow on
the security of their property, and any local authority may borrow with the
like consent and on the like security and subject to the like conditions as to
repayment by means of instalments or the provision of a sinking fund and
otherwise as in the case of the securities in respect of which compensation is
to be provided,....

(4) Any such company or local authority may impose such reasonable
restrictions on the transfer of their shares, stock, or securities, or with
respect to powers of attorney for the transfer thereof, as they may consider
requisite for guarding against losses arising from forgery.

(5) Where a company or local authority compensate a person under this Act for
any loss arising from forgery, the company or local authority shall, without
prejudice to any other rights or remedies, have the same rights and remedies
against the person liable for the loss as the person compensated would have
had.


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© 1891 Crown Copyright

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