S.L. 234.42 Art. 35Registration of transfer or transmission of shares or debentures.

(1) On the application of the transferor or of the transferee of any share in or debenture of a company, the company 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 were 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 refusal.

(3) The directors of a company shall be obliged to register the transfer of any shares in the company in favour of any person who has acquired those shares as a result of any court sanctioned sale thereof.

(4) On the application of the person to whom the right to any share in or debentures of a company has been transmitted causa the company shall register in its register of members or mortis, debentures, as the case may be, the name and address of such person.

(5) If a company refuses to register a transmission as is referred to in subregulation (4), it shall, within two months after 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 been transmitted notice of the refusal. causa mortis,

(6) If default is made in complying with the provisions of subregulations (2) or (5), every officer of the company who is in default, shall be liable to a penalty, and, for every day during which the default continues, to a further penalty.