to forfeiture and
the holder be entitled to receive payment from the company of 10
per cent. less than the market value of the share, or if there be
no market value, then 10 per cent. less than the value at which
the share would be taken for _ad valorem_ stamp duty if it were
the subject of transfer. In case the company made default in
exercising its power, the Board of Trade should be authorised to
require the above sale to be made.

(b) Every director, upon coming into office, should be required to
make a declaration disclosing his nationality and stating whether
in his office he is wholly free from the control or influence of
any alien, and if he is not so free, stating by whose directions
or under whose control or influence he is to act and what is the
nationality of that person, and should undertake within a limited
time after any change in that state of things to communicate the
facts to the Board and procure a statement of the facts to be
entered in the Board minutes. Any breach of these obligations to
be visited with a penalty which should be severe.

(c) The company should be required to enter in the register
of members, against the name of every registered member, his
nationality as disclosed by the declaration. In the case where the
registered member is not the beneficial owner, the company should
be required to record, not in the register, but in another book,
the nationality of the beneficial owner as disclosed by the
declaration, and, as regards the latter book, to record the
nationality of any new beneficial owner when and as disclosed by
the registered member. These particulars should be required to be
included in the annual list under Section 26 of the Act of 1908.
That list would thus become not a list of members only, but a list
of members with the addition of beneficial owners. The company
should, further, be required to add to the annual list a summary
of the result as regards nationality showing (1) as regards
registered members, how many are British subjects and how many
shares they hold, and how many are aliens and how many shares they
hold, subdividing the number of the aliens and their holdings
under their respective nationalities; and (2) as regards the
registered members who are British subjects; (a) how many of them
are the beneficial owners a