 

registration of transfer or transmission, sub-division, consolidation or renewal of
shares or within such other period as the conditions of issue shall provide —

(i) one or more certificates in marketable lots for all his shares of each class or
denomination registered in his name without payment of any charges; or

(ii) several certificates, each for one or more of his shares, upon payment of
Rupees Twenty for each certificate or such charges as may be fixed by the
Board for each certificate after the first.

(b) A person subscribing to shares offered by the Company shall have the option
either to receive certificates for such shares or hold the shares in a dematerialised
state with a depository.

 

2)

Every certificate shall be under the seal and shall specify the shares to which it relates,
distinctive numbers of shares in respect of which it is issued and the amount paid-up
thereon and shall be in such form as the Board may prescribe and approve.

Form of Share
certificate

 

(3)

Nothing contained in the Act or these Articles regarding the necessity of having
certificate number/distinctive numbers for Securities issued by the Company shall
apply to Securities held with a Depository.

Certificate

Number and other
details of
Securities in
Depository

 

@

(a) In respect of any share or shares held jointly by several persons, the Company
shall not be bound to issue more than one certificate, and delivery of a certificate
for a share to the person first named on the register of members shall be sufficient
delivery to all such holders.

(b) Where two or more persons are registered as joint holders (not more than three)
of any share, they shall be deemed (so far as the Company is concerned) to hold
the same as joint tenants with benefits of survivorship, subject to the following
and other provisions contained in these Articles:

(c)_ The joint-holders of any share shall be liable severally as well as jointly for and
in respect of all calls or instalments and other payments which ought to be made
in respect of such share.

(a) On the death of any one or more of such joint-holders, the survivor or survivors
shall be the only person or persons recognized by the Company as having any
title to the share but the Board may require such evidence of death as they may
deem fit, and nothing herein contained shall be taken to release the estate of a
deceased joint-holder from any liability on shares held by him jointly with any
other person.

(e) Any one of such joint holders may give effectual receipts of any dividends,
interests or other moneys payable in respect of such share.

(f) Only the person whose name stands first in the register of members as one of the
joint-holders of any share shall be entitled to the delivery of certificate, if any,
relating to such share or to receive notice (which term shall be deemed to include
all relevant documents) and any notice served on or sent to such person shall be
deemed service on all the joint-holders.

(g) Any one of two or more joint-holders may vote at any meeting either personally or
by attorney or by proxy in respect of such shares as if he were solely entitled
thereto and if more than one of such joint holders be present at any meeting
personally or by proxy or by attorney then that one of such persons so present
whose name stands first or higher (as the case may be) on the register in respect
of such shares shall alone be entitled to vote in respect thereof.

(h) Several executors or administrators of a deceased member in whose (deceased
member) sole name any share stands, shall for the purpose of this clause be
deemed joint-holders.

Issue of Share
Certificate in case
of joint holding

 

 

 

(3)

 

(a) If any certificate be worn out, defaced, mutilated or torn or if there be no further
space on the back for endorsement of transfer, then upon production and
surrender thereof to the Company, a new certificate may be issued in lieu thereof.

 

Issue of new
certificate in place
of one defaced,
lost or destroyed

 

374

 
