20. The executor or administrator of a deceased member, the guardian of an incompetent member or the trustee of a bankrupt member is the only person recognized by the Company as having any title to his or her share but they shall not be entitled to exercise any rights as a member of the Company until they have proceeded as set out in the next following 2 regulations.
21. Any person who becomes entitled by operation of law or otherwise to a share or shares in consequence of the death, incompetence or bankruptcy of any member may be registered as a member upon such evidence being produced as may reasonably be required by the directors. An application by any such person to be registered as a member shall for all purposes be deemed to be a transfer of shares of the deceased, incompetent or bankrupt member and the directors shall treat it as such.
22. Any person who has become entitled to a share or shares in consequence of the death, incompetence or bankruptcy of any member may, instead of being registered himself or herself, request in writing that some person to be named by him or her be registered as the transferee of such share or shares and such request shall likewise be treated as if it were a transfer.
23. What amounts to incompetence on the part of a person is a matter to be determined by the court having regard to all the relevant evidence and the circumstances of the case.