73. Prohibition to issue bearer’s share warrants

No company shall have the power to issue a bearer’s share warrant.

A bearer of share warrant shall surrender the warrant for cancellation to have the bearer’s name entered in the register of members of the company within twelve months upon the commencement of this Act.

Notwithstanding subsection (2), a bearer of share warrant may apply to the Court for an order to have his name entered in the register of members of the company.

The company shall be responsible for any loss incurred by any person by reason of the company entering in the register of members, the name of a bearer of a share warrant issued without the warrant being surrendered and cancelled.