Companies Act, 1973 (Act No. 61 of 1973)Chapter V: Share capital, Acquisition by Companies of own Shares, Shares, Allotment and Issue of Shares, Members and Register of Members, Debentures, Transfers, and Restrictions on Offering Shares for SaleAllotment and issue of shares96. Limitation of time for issue of share certificates |
| 1) | Every company shall within two months or within such extended time, not exceeding one month, as the Registrar on good grounds shown and on payment of the prescribed fee, may grant, after the allotment of any of its shares, debentures or debenture stock, complete and have ready for delivery the certificates of all shares, the debentures or the certificates of all debenture stock allotted. |
| 2) | If default is made in complying with the requirements of subsection (1), any person entitled to the certificates of shares, the debentures or the certificates of debenture stock in question may by notice in writing call upon the company to make good the default, and if the company fails to comply with the notice within ten days after service thereof, the Court may on the application of such person make an order directing the company to make good the default within such time as mall be specified in the order, and if it thinks fit that any costs of or incidental to the application shall be borne by the company or by any director or officer of the company responsible for the default. |
| 3) | If default is made in complying with the requirements of subsection (1), the company, and every director or officer thereof who knowingly is a party to the default, shall be guilty of an offence. |