Section 98. Application for issuance of share certificate

(1) A company shall, within sixty days from receipt of an application under subsection 97(1), send a share certificate to the shareholder stating—

(a) the name of the company;

(b) the class of shares held by that person; and

(c) the number of shares held by that person.

(2) Notwithstanding section 104, where a share certificate has been issued, a transfer of shares to which it relates shall not be registered by the company unless the form of transfer is accompanied with the share certificate relating to the share or by evidence as to its loss or destruction and, if required, any amount as set out under section 104.

(3) Subject to subsection (1), where shares to which a share certificate relates are to be transferred and the share certificate is sent to the company to enable the registration of the transfer, the share certificate shall be cancelled and no further share certificate shall be issued except at the request of the transferee.

(4) The company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.