Reconstructed Companies Act 1893

s. 12

If the name of a person who at the time of his death was the owner of shares (not held by him jointly with any other person) in any such company incorporated by or under the provisions of any Act of the said colony remained notwithstanding his death on the register of members of the old company at the time when the compromise or arrangement was sanctioned his name may be entered in the register of members of the new company for such number of shares as would be equivalent to his holding in the old company and the liability of his executors or administrators and of his estate in respect of the shares stated in the said last-mentioned register as being held by him shall be the same as it would have been if he had been alive at the time when his name shall have been entered in such register and his executors or administrators may become registered as the holder of such shares as such executors or administrators and shall in respect thereof be subject to such and the same liabilities and no more as they would have been subject to if such shares had remained registered in the name of such deceased person.