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 Sale

Purchase

1)	If a company refuses to register a transfer of any shares or debentures, it shall, within thirty days after the date on which the instrument of transfer was lodged with it, send to the transferor and the transferee notice of the refusal.

2)	Any company which fails to comply with the requirements of this section, shall be guilty of an offence.