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(1) A depository or its participant shall lodge the certificate and instrument with the issuer within the period prescribed in the central securities depository rules after deposit of certificate representing an eligible security and an instrument of transfer in respect of that
security.

(2) The issuer shall register the transfer of the security in respect of the certificates in the name of the depository or its nominee company on receipt of the certificate and instrument.

(3) The issuer shall refuse registration of the transfer where

(a) the certificate is not a genuine certificate or is a certificate that has been reported lost or destroyed, and

(b) in relation to any security,

(i) there has been a duplication in the issue of the certificate representing that security,
(ii) a certificate has been issued in excess of the issued capital of the issuer, or
(iii) the issuer has been served with an order of a court prohibiting dealing in respect of the security underlying the certificate.

(4) The issuer shall, in any case other than a case referred to in subsection (3), cancel a certificate and substitute in its records the name of the depository or its nominee as a registered owner in respect of that security and inform the depository.
(5) A depository shall enter the name of the depositor in its records as the beneficial owner.

(6) Where an issuer refuses registration of a transfer, the issuer shall serve on the transferor and the central securities depository, a written notice giving reasons for the refusal.

   (7) An instrument of transfer lodged with an issuer may be registered in the name of a depository or its nominee company.

   (8) This section does not apply to bearer securities