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FORGED TRANSFERS ACT 1891

FORGED TRANSFERS ACT 1891 - LONG TITLE

An Act for preserving Purchasers of Stock from Losses by Forged
Transfers.
[5th August 1891]
Power to make compensation for losses from forged transfer.

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.

FORGED TRANSFERS ACT 1891 - SECT 2
Definitions.

2. For the purposes of this Act

The expression "company" shall mean any company incorporated by or
in pursuance of any Act of Parliament, or by royal charter.

The expression "local authority" shall mean [a district council
established under the Local Government Act (Northern Ireland)
1972,]....

FORGED TRANSFERS ACT 1891 - SECT 3
Application to industrial societies, &c.

3. This Act shall apply to any industrial, provident, friendly
benefit, building, or loan society incorporated by or in pursuance
of any Act of Parliament as if the society were a company.

FORGED TRANSFERS ACT 1891 - SECT 4
Application to harbour and conservancy authorities.

4.(1) This Act shall apply to any harbour authority or conservancy
authority as if the authority were a company.

(2) For the purposes of this Act the expression "harbour authority"
includes all persons, being proprietors of, or entrusted with the
duty or invested with the power of constructing, improving, managing,
regulating, maintaining, or lighting any harbour otherwise than for
profit, and not being a joint stock company.

(3) For the purposes of this Act the expression "conservancy
authority" includes all persons entrusted with the duty or invested
with the power of conserving, maintaining, or improving the
navigation of any tidal water otherwise than for profit, and not
being a joint stock company.

FORGED TRANSFERS ACT 1891 - SECT 5
Application to colonial stock.

5. In the case of any colonial stock to which the Colonial Stock
Act, 1877, applies, the Government of the colony of which the stock
forms the whole or part of the public debt may, if they think
fit, by declaration under seal or under the signature of a person
authorised by them in that behalf, and in either case deposited
with the Commissioners of Inland Revenue, adopt this Act, and
thereupon this Act shall apply to the colonial stock as if the
registrar of the Government were a company and the stock were
issued by him.

FORGED TRANSFERS ACT 1891 - SECT 6
Short title.

6. This Act may be cited as the Forged Transfers Act, 1891.