1964_COMPANIES_ORDINANCE — Page 335

1984 Ed.]

Companies

[CAP. 32

77

(7) Where a company issues new certificate under this section, it shall forthwith cancel the original certificate and make such entry in the register of members of the company as the case may require in order to record such issue and cancellation and, where the new certificate is issued to a person other than the registered holder of the relevant shares, any instrument of transfer caused to be executed by the company under subsection (6)(c)(ii) shall, for the purpose of registering the relevant shares in the name of that person, be deemed to be an instrument of transfer duly delivered to the company under section 66.

(8) Every company which issues a new certificate under this section shall, not later than 14 days from the date of issue of the new certificate, give public notice of the issue thereof and of the cancellation of the original certificate by publishing a notice in the Gazette in the prescribed form and the company shall deliver a copy of the notice to each recognized stock exchange.

(9) Where a company fails to publish a notice as required by subsection (8), the company and every officer of the company who is in default shall be liable to a default fine of $20.

(10) Where a new certificate is issued by a company under this section, the following shall apply—

(a) save as otherwise provided in this subsection, nothing in this section shall affect the power of the court to make an order under section 100 in favour of any person claiming to be entitled to the relevant shares as against the person to whom the new certificate is issued or any person whose name is subsequently entered in the register of members of the company in respect of the relevant shares, but no such order shall be made as against a bona fide purchaser;

(b) in any case where the court makes an order under section 100 as against the person to whom the new certificate is issued or any person whose name is subsequently entered in the register of members of the company in respect of the relevant shares, the court shall not order the payment of damages by the company and the company shall not otherwise be liable for any damage sustained by reason of the issue of the new certificate or the cancellation of the original certificate;

(c) where any person (in this paragraph referred to as "the claimant") would have been entitled but for this subsection to have his name entered in the register of members of the company in respect of the relevant shares or any of them—

(i) except where the company is shown to have acted deceitfully, the company shall not be liable for any damage sustained by the claimant by reason of the issue of the new certificate or the cancellation of the original certificate;

(ii) the person to whom the new certificate is issued shall, where the relevant shares or any of them are pur-

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