Section 44 : Refusal to register share or debenture

1) Notwithstanding anything contained in Section 42 or 43, a company may, in the following circumstances, refuse to record any pledge of a share in the register or to effect transmission of a share or debenture where it has been disposed of:

a) If a call on the share has not been paid up,

b) If such transmission will be contrary to the articles of association of the company or the agreement concluded between the shareholders,

c) If the transfer fee is not furnished along with the application.

2) In refusing to record the pledge of a share or debenture in the register or to effect transmission of a share of debenture under Subsection( 1), the company shall give information thereof to both the transferor and the transferee or the ledger and pledge of the share or debenture within fifteen days from the date of making application.