Section 349: Disposal of unclaimed shares

349. Disposal of unclaimed shares (1) Where, by the exercise of reasonable diligence, a company is unable to discover the whereabouts of a member for a period of not less than 6 years, the company may cause an advertisement to be published in 2 daily newspapers in wide circulation in Mauritius stating that the company, after the expiry of one month from the date of the last advertisement, intends to transfer the shares to the Official Receiver. (2) Where, after the expiry of one month from the date of the last advertisement, the whereabouts of the member remain unknown, the company may transfer the shares held by the member in the company to the Official Receiver and for that purpose may execute for and on the behalf of the owner a transfer of shares to the Official Receiver. (3) The Official Receiver shall sell or dispose of any shares so received in such manner and at such time as he thinks fit and shall deal with the proceeds of the sale or disposal as if they were unclaimed monies paid to him pursuant to section 278 of the Companies Act 1984.