Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)RegulationsRegulations made under Section 17Transfer and transmission of shares40. Directors' right to decline registration of shares |
The directors may decline to register any transfer of shares, not being fully paid-up shares, to an institution of which they do not approve, and may also decline to register any transfer of shares on which the Bank has a lien. The directors may also suspend the registration of transfers during the fourteen (14) days immediately preceding the ordinary general meeting in each year. The directors may decline to recognise any instrument of transfer unless—
| (a) | the fee determined by the Board is paid to the Bank in respect thereof; and |
| (b) | the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as the directors may reasonably require to show the right of the transferor to make the transfer. |