Section 122, The Companies Act, 2009

(1) Every company shall, within 3 months after theallotment of any of its shares and within 3 months after the date on which transfer of any shares is lodged with the company, complete and have ready for delivery the certificates of all shares allotted or transferred, unless the conditions of issue of the shares otherwise provide. (2) Every person whose name is entered as a member in the register of members shall be entitled without payment to receive, within 3 months of allotment or lodgement of transfer or within such other period as the conditions of issue shall provide one certificate for all his shares or several certificates each for one or more of his shares upon payment of a fee as the directors shall, from time to time, determine. (3) Every certificate issued by a company shall be under the company’s seal and shall specify the shares to which it relates and the amount paid up on them; but in respect of shares held jointly by several persons, the company shall not be bound to issue more than one certificate, and delivery of a certificate for shares to one of several joint holders shall be sufficient delivery to all such holders. (4) If a share certificate is defaced, lost or destroyed, it may be replaced on such terms (if any), as to evidence and indemnity and the payment of the expenses of the company of investigating evidence as the directors think fit. (5) If any company on which a notice has been served requiring it to make good any default in complying with the provisions of subsection (1) fails to make good the default within 10 days after the service of the notice, the court may, on the application of the person entitled to have the certificate delivered to him, make an order directing the company and any officer of the company to make good the default within such time as may be specified in the order; and such order may provide that all costs of and incidental to the application shall be borne by the company or by any officer of the company responsible for the default. (6) If default is made in complying with this section, the guilty of an offence and be liable to a fine of Le500,000 for each day during which the default continues. Issue of share certificates. Shares to be numbered. 84 85 (7) In this section, “transfer” means a transfer duly stamped and otherwise valid but, does not include a transfer which under this Act, a company is for any reason entitled to refuse to, and does not, register.