: (1) Shares or debentures of the company subject to this Act, Articles of Association and regulations can be sold or mortgaged as movable assets.
(2) Notwithstanding anything written in sub-section (1), the founder of a company other than a private company that does not have a loan from any other company may sell or mortgage the shares taken by him until the first general meeting of the company is held and the demand amount of the shares issued in his name is paid in full. No.
(3) For giving shares or debentures as mortgagee in accordance with sub-section (1), the mortgagee shall submit an application to the registered office of the company along with the prescribed form in the prescribed format for the purpose of noting the said transaction in the registration book. Along with the application given in that way, the applicant should also submit the document related to the mortgagee and the certificate of share or debenture.
(4) If an application is received in accordance with sub-section (3), the company shall indicate in the register of transactions that the shares or debentures have been mortgaged in such manner, and upon receipt of the notification that such mortgaged shares or debentures have been sold, the cost of such mortgage shall be deducted from the register.