Section 6: Withdrawal of security

6. Withdrawal of security (1) A depositor may, in accordance with the rules of, and on application to, the CDS, withdraw a security standing to the credit of his security account. (2) Where an application for the withdrawal of a deposited security is made under subsection (1) and the appropriate notification and withdrawal documents are received by the issuer or its share registry in accordance with rules of the CDS, the issuer shall, by itself or its share registry, notwithstanding the provisions relating to the issue of certificates in the Companies Act, complete and deliver to the CDS, for forwarding to the participant, all appropriate certificates in connection with the transfer of the securities within 14 days after the date of the receipt by it of the withdrawal documents. (3) Where the CDS has decided to discontinue the eligibility of a security for its services in accordance with the CDS rules, it shall— (a) debit the securities accounts of the holders of the security; and (b) instruct the issuer or its registry to— (i) issue certificates in the name of the holders of the security; and (ii) send the certificates directly to the holders of the security or to the respective pledgees where the holders have pledged their securities. (4) Where instructions are given under subsection (3) (b), the issuer or its registry shall comply with those instructions. [S. 6 amended by s. 26 of Act 15 of 2006 w.e.f. 7 August 2006.]