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9. The above decision was followed by the Bombay High Court in E. D. Sassoon & Co. Ltd. v. K. A. Patch, [1943] 45 Bom. L.R. 46.. It was held that a share in a joint stock company is capable of equitable assignment and can be the subject of a trust. It was further held that a shareholder who sells his shares in a joint stock company and hands over the share certificates and transfer forms to the purchaser but the company refuses to transfer them, occupies the position of a constructive trustee of the shares for the purchaser. The legal title to the shares still remains in the vendor although the beneficial interest is transferred to the purchaser ; and the vendor must comply with all reasonable directions that the purchaser may give. The purchaser in such a case has the right to control the exercise by the vendor of the right to vote. As trustee of the shares, the vendor is also trustee of all property rights annexed to the shares. He is a trustee not only of the corpus but also of the income. He is a trustee of dividends that he may receive and he must pay them to the purchaser. As he is a trustee of the dividends, he is also a trustee of the right to vote, which is a right to property annexed to the shares.