Section 98: Penalty for neglecting to cancel stock certificate upon registration

(1) Where the holder of a stock certificate to bearer or an instrument to bearer chargeable as a stock certificate to bearer has been entered on the register of any local authority or corporation or company or body of persons formed or established in Nigeria, as owner of the share of stock described in the certificate, the certificate shall be forthwith cancelled so as to be incapable of being re-issued to any person.
(2) Every person by whom a stock certificate to bearer or an instrument to bearer chargeable as a stock certificate to bearer is issued without being duly stamped shall be guilty of an offence and liable on conviction to a fine of one hundred naira.