47. Entries in register when share warrant issued.
(1)On the issue of a share-warrant, the company shall strike out of its register of members the name of the member then entered therein as holding the shares or stock specified in the warrant as if he had ceased to be a member, and shall enter in the register the following particulars, namely:—(i)the fact of the issue of the warrant.(ii)a statement of the shares or stock included in the warrant, distinguishing each share by its number; and(iii)the date of the issue of the warrant.(2)If a company makes default in complying with the requirements of this section, it shall be liable to a fine not exceeding fifty rupees for every day during which the default continues, and every officer of the company who knowingly and willfully continues or permits the default shall be liable to the like penalty.
