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(1) A depository may in consultation with the Commission, prescribe a period after which securities or a class of securities held or to be held by the depository shall be dematerialised in accordance with the process laid down under the central securities depository rules.

(2) An issuer of a dematerialised security shall be notified by the depository, of the decision taken in accordance with subsection (1)

(3) An issuer of a dematerialised security shall

(i) give notice to the public that the security shall, on the dematerialisation date, become a dematerialised security; and

(ii) take necessary steps to amend its Regulations, deed of establishment, trust deed, or enabling statute, as the case may be, to comply with this Act and the central securities depository rules within a period stipulated in the notice upon being notified of the decision.

  (4) A notice of dematerialisation shall specify a dematerialisation date of not less than one month from the date of publication of the            notice.