Section 499 of The Companies Act No. 17 of 2015: Transfer of shares on application of transferor
(1) On the application of the transferor of any share or interest in a company,the company shall enter in its register of members the name of the transferee in the same manner and subject to the same conditions as if the application for the entry were made by the transferee.
(2) A company that, without lawful justification, fails to comply with subsection
(1) is liable to pay damages to the applicant.
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