In what circumstances may the company deny the title in shares evidence a share certificate?

A company may deny title in shares evidence a share certificate in two circumstances:

1) If the third party had notice of the falsity of the representation.

2) The representation relied upon was contained in a forged share certificate since such a document is a legal nullity as was held Ruben V. Great Fingall Consolidate The transferee does not acquire tithe in the shares.

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