: (1) In case of sale of shares or debentures subject to sub-sections (1) and (2) of section 42, the person who buys the shares or debentures shall, in order to cancel the filing of such shares or debentures, a fee prescribed in the regulations in the prescribed format. Application should be submitted to the registered office of the company. Along with the application given in that way, the applicant should also submit the documents related to the purchase and sale of shares or debentures and the certificate of shares or debentures.
(2) If an application is received according to sub-section (1), the company shall cancel the name of the previous shareholder or debenture holder and register the name of the current one in the register book within fifteen days of the application.
(3) Notwithstanding anything written in sub-section (1), if the existing law on securities transactions provides that the transfer of shares or debentures of the company does not require a transfer document, such a document shall not be submitted when making an application accordingly.
(4) If the transferee of any securities receives an application for the transfer of shares or debentures in connection with the sale and purchase of shares, even if the company submits an application including a signed document of the buyer, the company shall treat the application as if the transferee of shares or debentures had made the application, the name of the transferee of shares or debentures It should be registered in the register book or the debenture holder's register book.
(5) According to any other provision made in the prevailing law, if the right of any person in any share or debenture is established, the provision made in sub-section (1) shall not be deemed to prevent the company from registering the name of such person as a shareholder or debenture holder.