Section 583. Disposal of shares of shareholder whose whereabouts unknown

(1) If by the exercise of reasonable diligence a company is unable to discover the whereabouts of a shareholder for a period of not less than ten years, the company may cause an advertisement to be published in a newspaper circulating in the place shown in the register of members as the address of the shareholder stating that the company after the expiration of thirty days from the date of the advertisement intends to transfer the shares to the Minister charged with responsibility for finance.

(2) The company may transfer the shares held by the shareholder in the company to the Minister charged with responsibility for finance and for that purpose may execute for and on behalf of the owner a transfer of those shares to the Minister charged with the responsibility for finance if after the expiration of thirty days from the date of the advertisement the whereabouts of the shareholder remain unknown.

(3) The Minister charged with the responsibility for finance shall sell or dispose of any shares received in such manner and at such time as the Minister thinks fit and shall deal with the proceeds of the sale or disposal as if the shares were moneys paid to him under the law relating to unclaimed moneys.

(4) The Minister charged with the responsibility for finance may transfer any shares received to the owner of the shares if there are claims to the shares held by the Minister, which has yet to be sold or disposed of.