Section 103 - Protection of beneficiaries

(1) A person claiming to be interested in any shares or debentures or the dividends or interest on those shares or debentures may protect the interest of that person by serving on the company concerned copies of a notice and affidavit in accordance with the High Court (Civil Procedure) Rules, 2004 (C.I. 47).

(2) Despite subsection (1) of section 101, the company shall

(a) enter on the register of members or debenture holders, the fact that the notice has been served, and

(b) not register a transfer or make a payment or return in respect of the shares or debentures contrary to the terms of the notice until the expiration of due notice to the claimant in accordance with that Order.

(3) In the event of a default by the company in complying with this section, the company shall compensate a person injured as a result of the default.

(4) The provisions of this section shall not apply to a company the shares of which are dealt with by virtue of a scheme established under the Central Securities Depository Act, 2007 (Act 733).