Section 53 of the Companies Act No. 71 of 2008 (“Companies Act”) provides for the transfer of uncertificated securities in an uncertificated securities register.

The Companies Act states that the transfer of uncertificated securities may only be effected by a participant (a person duly authorized by a licensed central securities depository to perform custody and administration services) in accordance with the rules of a central securities depository (namely, a person who constitutes, maintains and provides an infrastructure for holding uncertificated securities which enables the making of entries in respect of uncertificated securities).

The transfer of ownership in any uncertificated securities is effected by (i) debiting the account in the uncertificated securities register from which the transfer is effected; and (ii) crediting the account in the uncertificated securities register to which the transfer is effected. The transfer of ownership must be concluded in accordance with the

A company may at any time request to be furnished with the all of the details of that company’s uncertificated securities reflected in the uncertificated securities register upon the payment of a prescribed fee, if any.