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Section 507 of The Companies Act No. 17 of 2015: Power to make regulations requiring arrangements to be adopted

    

(1) Regulations made for the purpose of this Division may—
(a) enable the members of a company or of any designated class of companies to adopt, by ordinary resolution, arrangements under which title to securities is required to be evidenced or transferred or both without a written document; or
(b) require companies, or any designated class of companies, to adopt such arrangements.
(2) Any such regulations may apply—
(a) in respect of all securities issued by a company; or
(b) in respect of all securities of a specified description.
(3) The Cabinet Secretary shall ensure that any such regulations do not provide—
(a) that persons who, but for the arrangements would be entitled to have their names entered in the company's register of members, cease to be so entitled; or
(b) that persons who, but for the arrangements would be entitled to exercise any rights in respect of the securities, continue to be able effectively to control the exercise of those rights.
(4) Any such regulations may—
(a) prohibit the issue of any certificate by the company in respect of the issue or transfer of securities;
(b) require the provision by the company to holders of securities of statements at specified intervals or on specified occasions of the securities held in their name; and
(c) provide for matters of which any such certificate or statement is, or is not, evidence.
(5) In this section—
(a) a reference to a designated class of companies is to a class designated in the regulations or by order under section 508; and (b) "specified" means specified in the regulations.

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Disclaimer: This document is not to be taken as legal advise.

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