SUBSCRIPTION, PURCHASE AND SALE OF STOCK

10 Issue of certificate and subscription books
1 As soon as may be after any stock has been registered in the name of a holder, the Director of Savings shall issue a certificate or subscription book in the approved form in respect of the stock showing the amount of the stock and the name of the person registered as the holder:
Provided that—
(a) where subscriptions are recorded by means of a subscription book, the Director of Savings shall not be required to issue a certificate on the registration of the stock, or to send the holder any other form of acknowledgment; and
(b) the Director of Savings may, if he thinks fit, before issuing a certificate or subscription book with respect to any stock, require the holder to forward to him an authority for the payment of dividends.
2 Where part of any stock to which a certificate or subscription book relates is sold, or transferred or otherwise ceases to be held in the name of the person registered as the holder, the Director of Savings may either amend the certificate or subscription book or may issue a fresh certificate in respect of the balance of the stock remaining registered in the name of that person.
3 A person shall, whenever required by the Director of Savings, forward to the Director of Savings the certificate or subscription book relating to stock held by him.