Section 98: Loss or destruction of certificates

98. Loss or destruction of certificates (1) Subject to subsections (2) and (3), where a certificate or other document of title to a share or a debenture is lost or destroyed, the company shall on application being made by the owner and on payment of a fee specified in item 1 of the Third Schedule issue a duplicate certificate or document to the owner. (2) The application shall be accompanied by a written undertaking that where the certificate or document is found, or received by the owner, it shall be returned to the company. (3) Where the value of the shares or debentures represented by the certificate or document is greater than 10,000 rupees, the directors shall, before accepting an application for the issue of a duplicate certificate or document, require the applicant to furnish such indemnity as the directors consider to be adequate against any loss following on the production of the original certificate or document. PART IX – SHAREHOLDERS AND THEIR RIGHTS AND OBLIGATIONS Sub-Part A – Liability of Shareholder