5/18/2011 Transfer of shares What are the rights of the vendor and purchaser prior to registration? Hawks v McArthur [1951]1 All ER 22 (Chancery Division) 。AcArthur Hawks ■AcArthur→Roberts ■AcArthur→Fraser What rights Hawks,McArthur,Roberts and Fraser each has? Who ranks before whom? ■Vaisey J:why? Practical value of the ruling: Transfer of shares Cf:Re Rose [1949]Ch 78 and [1952]Ch 499 >Gratuitous transfer of shares Cf:Milroy v Lord (1862)4 De GF J 264 >A gift of shares by deed 35/18/2011 3 5 Transfer of shares • What are the rights of the vendor and purchaser prior to registration? • Hawks v McArthur [1951] 1 All ER 22 (Chancery Division)  McArthur  Hawks  McArthur  Roberts  McArthur  Fraser  What rights Hawks, McArthur, Roberts and Fraser each has?  Who ranks before whom?  Vaisey J: why?  Practical value of the ruling: 6 Transfer of shares  Cf: Re Rose [1949] Ch 78 and [1952] Ch 499 Gratuitous transfer of shares  Cf: Milroy v Lord (1862) 4 De GF & J 264 A gift of shares by deed