by the secretary or any other person authorised by the board of directors. One. of the directors should be the managing director or whole time director (if
any) .Where securitis are dealt with in a Depository, the company shall intimate the details of allotment to the Depository immediately on allotment of
such securities. No share certificate is issued in such a case. [Sec. 113 (4)).
Only one share certificate shall be issued to each member for the entire holding without any payment. Ifhe requires more than one certificate for his
holding; be will have to pay Re. I for every additional certificate. Where shares and held jointly by two or more persons, the company shall issue only one
share certificate and deliver it to the person first named in the Registrar of Members.
Limihation of Time for Issue of Share Certificate. Every company making an allotment of shares is obliged to deliver to the allottee a certificate of shares
within three months after the allotment and in case of transfer of shares, the certificate has to be delivered within two months. The Companies
Amendment Act, 1988 has empowered the Company Law Board to extend this period for not n’o than nine months. The company shall have to make an
application to the C6mpany Law Board for seeking this extension of time stating the reason for’extension [Sec. 113 (I)].
In case of default in issuing shares within the prescribed time limit, the company as well as every officer who is in default is punishable with fine not
exceeding Rs. 5,000 per day, till the default continues. In case of default, the CLB can order the company to make goOd the defimlt and to pay all cost
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