1) A share certificate in the prescribed format shall be issued to every shareholder in respect of each share subscribed by him/her, within two months after the allotment of shares; the share certificate shall bear the signature of any two out of a director or chief executive of the company or the company secretary, in the case of a public company, and the signature of the person as mentioned in the articles of association or consensus agreement, in the case of a private company, and also bear the seal of the company, if any .2) While issuing a share certificate in respect of any shares held jointly by two or more persons, the share certificate may be issued to any one of them, by mentioning their names in the certificate.

Provided, however, that, the names of all shareholders shall be mentioned in the shareholder register.

3) If a share certificate is lost or destroyed because of a divine act or otherwise, the shareholder shall give information thereof to the registered office the company immediately when he/she knows that the share certificate has been so lost or destroyed because of the divine act or otherwise.

4) If any application made pursuant to Sub-section (3), the company shall , if the matter contained in the application seems to be reasonable after inquiring into all necessary matters relating thereto, issue another share certificate to the applicant, by collecting the duplicate fees for duplicate copy as prescribed in the articles of association; and this matter shall also be recorded in the shareholder register.

5) Notwithstanding anything contained elsewhere in this Section, if a listed company has caused a register to be maintained, pursuant to Sub-section (6) of Section 46, by the securities registrar authorised to provide securities deposit service under the prevailing law, provision may be made to issue to the shareholder a securities deposit passbook or any other certificate certifying him/her to be a shareholder, instead of a share certificate.

6) A certificate issued by a company, signed by its competent officer and under the seal of the company, if any, to be used by it, specifying the number of shares or debentures held by any shareholder or debenture-holder shall be prima facie evidence of his/her title to such shares or debentures.

7) If any company allots any shares or debentures or transfers such shares or debentures to a representative of a body licensed under the prevailing law to carry on securities dealings, the provision of Subsection (1) shall not apply to such shares or debentures.