அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
Section 51 of the principal enactment is hereby amended as follows: -
(1)
by the insertion immediately after subsection (1)
thereof, of the following new subsection: -
“(1A) A company shall not issue a share warrant to bearer or bearer share irrespective of whether its articles of association purport to authorise it to do so.
For the purposes of this subsection -
“share warrant to bearer”
means a negotiable instrument whose ownership is determined by possession of the issued physical warrant certifi cate, and any other similar warrant or instrument without traceability, but does not include –
(a)
any instrument that only confers rights to subscribe for shares in a company under specifi ed conditions, but not ownership or entitlement to ownership in shares, unless and until the instrument is exercised or redeemed; and
(b)
a dematerialised or registered form of warrant or any other instrument whose owners can be identifi ed; and
“bearer share” means a negotiable instrument which may contain the rights specifi ed in section 49 but whose ownership is determined by the simple possession of a physically issued share certifi cate, and any other similar instrument such as security to the bearer named in section 110(1)(b) (iii), without traceability, but does not include a dematerialised or registered form of share certifi cate whose owners can be identifi ed.”;
(2)
in sub-paragraph (i) of paragraph (a) of subsection (4) thereof, by the substitution for the words “shares issued;”, of the words “shares issued and names of the persons to whom such shares are issued;”.