Companies Act (Cap. 386), article 119

119. (1) On the application of the transferor or of the transferee of any share in or deb enture of a company, the compa ny shall enter in its register of members or of debentures, as the case may be, the name and address of the transferee and where the application is made by the transferor the entry shall be made in the same manner and subject to the same conditions as if the application for the entry we re made by the transferee. (2) If a company refuses to register a transfer of shares or debentures, it shall, within two months after the date on which the transfer was lodged, send to the transferee notice of the refus al. (3) Notwithstanding the provisions of the regulations contained in Part I of the First Schedule and notwithstanding anything contained in a public company’s memorandum or articles, the directors of a public company shall be obliged to register the transfer of any shares in the company in favour of any person w ho has acquired those shares as a re sult of a judicial sale thereo f. (4) On the application of the person to whom the right to any shares in or debentures of a c ompany has been transmitted causa mortis , the company shall register i n its register of members or debentures, as the case may be , the name and address of such person. (5) If a company refuses to r egister a transmission as is referred to in sub-article (4), it shall, within two months aft er the date on which the transmission is lodged, send to the person to whom the right to any shares or debentures of a company has bee n 76 CAP. 386.] COMP ANIES transmitted causa mortis , notice of the refusal. (6) If default is made in complying with the provisions of sub- articles (2) or (5), every officer of the company who is in def ault, shall be liable to a penalty, and, for every day during which t he default continues, to a further penalty. Issue of certificates. Amended by: XIX. 2010.32.