(3)Where a notice has been given by the transferee company under sub-section (1) and the [Tribunal] [ Substituted by Act 11 of 2003, Section 41, for " Court" .] has not, on an application made by the dissenting shareholder, made an order to the contrary, the transferee company shall, on the expiry of one month from the date on which the notice has been given, or, if an application to the [Tribunal] [ Substituted by Act 11 of 2003, Section 41, for " Court" .] by the dissenting shareholder is then pending, after that application has been disposed of, transmit a copy of the notice to the transferor company together with an instrument of transfer executed on behalf of the shareholder by any person appointed by the transferee company and on its own behalf by the transferee company, and pay or transfer to the transferor company the amount or other consideration representing the price payable by the transferee company for the shares which, by virtue of this section, that company is entitled to acquire; and [the transferor company shall-(a)thereupon register the transferee company as the holder of those shares, and(b)within one month of the date of such registration, inform the dissenting shareholders of the fact of such registration and of the receipt of the amount or other consideration representing the price payable to them by the transferee company:]Provided that an instrument of transfer shall not be required for any share for which a share warrant is for the time being outstanding.
