Section 30, The Companies (Amendment) Act, 2014

Section 122 of the Companies Act, 2009 is amended asfollows – (a) by repealing and replacing subsection (1) with the following new subsection – “(1) Every company shall, within 1 month after the allotment of any of its shares and in the case of a share transfer within 1 month of the same being agreed at a general meeting and approved by the Commission, complete and have ready for delivery the certificates of all shares allotted or transferred, unless the conditions of issue of the shares otherwise provide.” (b) by repealing and replacing subsection (5) with the following new subsection– “(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) of this section fails to make good the default within 10 days after the service of the notice, the Commission may, on the application of the person entitled to have the certificate delivered to him, give a directive for the company and any officer of the company to make good the default within such time as may be specified in the directive; failure to comply with the directive shall constitute a default and the company and every officer of the Company shall be liable to a default fine of Le 850,000 per day for continued default”. (c) by repealing and replacing subsection (6) with the following new subsection – 110 of Act 2009. 116 of Act 2009. 120 of Act No. 5 122 of Act 2009. No. 9 Companies (Amendment) Act 2014 No. 9 Companies (Amendment) Act 201412 13 “(6) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine of Le 850,000.00 for each day during which the default continues”. (d) by deleting the word “stamped” and substituting it with the word “registered “ in subsection (7). Transfer and transmission of shares and debentures