A transmission of shares occurs when shares are transferred by operation of law, eg upon the holder dying, becoming a patient under the Mental Health Act 1983, or becoming bankrupt.1 The persons or person with whom the company must deal in such a case are the executors or administrators of a deceased shareholder, the committee or receiver of a Mental Health Act patient, or the trustee of a bankrupt, all of whom may be described by the words 'the representatives of the former holder'. In the absence of a restrictive provision in the company's articles of association, a person entitled to shares upon a transmission has an absolute right to be registered as the holder.2 A restriction which is so worded as to apply only to transfers of shares will not defeat this right.3
Trustees in bankruptcy
The title of the trustee in bankruptcy to the shares of a bankrupt is conferred