Section 35 Fraudulent transfers of shares.

A transfer of shares made for the purpose of getting rid of the further liability of a shareholder, as such, for a nominal or no consideration, or to a person without any apparent pecuniary ability to pay the reasonable expenses of working a mine, or to a person in the menial or domestic service of the transferror, shall be presumed to be a fraudulent transfer, and need not be recognized by the company, or by the court on the winding up of the company, whether the company be a registered or unregistered company.