Section 72, The Companies Act, 2009

(1) On the issue of a share warrant, the company shallstrike out of its register of members the name of the member then entered in its as holding the shares specified in the warrant as if he had ceased to be a member, and shall enter in the register the following particulars:– Location of Index of Entries in register in relation to warrants. 52 53 (a) the fact of the issue of the warrant; (b) a statement of the shares included in the warrant, distinguishing each share by its number so long as the share has a number; (c) the date of the issue of the warrant. (2) Subject to the company’s articles, the bearer of a share warrant is entitled, on surrendering it for cancellation, to have his name entered as a member in the register of members. (3) The company shall be responsible for any loss incurred by any person by reason of the company entering in the register the name of a bearer of a share warrant in respect of the shares specified in it without the warrant being surrendered and cancelled. (4) Until the warrant is surrendered, the particulars specified in subsection (1) are deemed to be those required by this Act to be entered in the register of members and on the surrender, the date of the surrender shall be entered. (5) Subject to this Act relating to the directors’ share qualification, the bearer of a share warrant may, if the articles of the company so provide, be deemed a member of the company within the meaning of this Act, either to the full extent or for any purposes defined in the articles.