15. Mode of cancelling "Share Transfer" stamps at the time of registration of the deed of transfer.
- "Share Transfer" stamps affixed to deeds of transfer of shares shall, before effect is given to the transfer by the Joint Stock Company concerned, be cancelled by the Company by means of a punch which can perforate either the word "cancelled" or an abbreviation thereof, namely, "cancelled" on the initials of the Company, in sufficient prominence to render the stamps permanently unfit for re-utilisation even though the stamps were previously cancelled in accordance with section 12 of the Act. In case a Company fails so to cancel the share transfer stamps as provided by this rule the Company shall be liable to the penalty prescribed by section 63 of the Act:Provided that for the purpose of cancelling "Share Transfer" stamps, the State Government may, on being satisfied by a certificate from the Collector or the Superintendent of Stamps, permit any Joint Stock Company to adopt any other method in lieu of perforation by means of a punch.
