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Stannaries Act 1869
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35Fraudulent transfers of shares.
A transfer of shares made for the purpose of getting rid of the further liability of a shareholder, as such, for a nominal or no consideration, or to a person without any apparent pecuniary ability to pay the reasonable expenses of working a mine, or to a person in the menial or domestic service of the transferror, shall be presumed to be a fraudulent transfer, and need not be recognised by the company, or by the court on the winding-up of the company, Whether the company be a registered or unregistered company.
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