65. Nature of shares

The shares or other interest of any member in a company shall be movable property, transferable in manner provided by the articles of the company and shall not be of the nature of immovable property.

Each share in a company having a share capital shall be distinguished by its appropriate number.

Where shares in a company are held by a nominee, such nominee shall disclose the identity of each person on whose behalf those shares are held.

The disclosure as required in subsection (3) shall be made in writing to the company within on; month of the acq;isition of nominee shares.

The company is required to maintain a register of disclosure of nominee shareholdings.

Notwithstanding subsections (3), (4) and (5), all companies that know or have reasonable cause to believe that any of their shares are held by a nominee, shall require such nominee to disclose the identity of each person for whom the shares are held. The nominee shall provide this information within 10 days of the receipt of notice to this effect.

A nominee shareholder who fraudulently provides information to the company which he knows or has reason to believe to be false or misleading is guilty of an offence and liable on conviction to a fine not exceeding $5,000, imprisonment for a term not exceeding 2 years or both.