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Rule 48
Power of Committee to Register Namesari

(1) If someone applies for the transfer of shares, the committee may refuse to register such transfer with or without reason.
(2) In case of refusal to register the transfer of shares in accordance with sub-rule (1), within 2 months from the date of filing of the document of transfer in the office of the Corporation, the committee shall send the notice of the matter to both the parties to be transferred and the parties to be transferred.