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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 2 : Formation, Administration and Dissolution of Companies

Part E : Securities registration and transfer

54. Substitution of certificated or uncertificated securities

 

 

1) A person who wishes to withdraw all or part of the uncertificated securities held by that person in an uncertificated securities register, and obtain a certificate in respect of those withdrawn securities, may so notify the relevant participant or central securities depository, as determined in accordance with the rules of the central securities depository, which must within five business days
a) notify the relevant company to provide the requested certificate; and
b) remove the details of the uncertificated securities from the uncertificated securities register.

 

2) After receiving a notice in terms of subsection (1)(a) from a participant or central securities depository, as the case may be, a company must—
a) immediately enter the relevant person’s name and details of that person’s holding of securities in the company’s securities register and indicate on the register that the securities so withdrawn are no longer held in uncertificated form; and
b) within 10 business days, or 20 business days in the case of a holder of securities who is not resident within the Republic—
i) prepare and deliver to the relevant person a certificate in respect of the securities; and
ii) notify the central securities depository that the securities are no longer held in uncertificated form.

 

3) A company may charge a holder of its securities a reasonable fee to cover the actual costs of issuing a certificate, as contemplated in this section.