| (1) | An issuer may convert certificated securities to uncertificated securities, at the election of the issuer or the holder of certificated securities, and an issuer may, subject to subsection (2), issue uncertificated securities despite any contrary provision in— |
[Words preceding section 33(1)(a) substituted by section 290, item 21 of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (d) | the memorandum of incorporation of an issuer; |
| (f) | any other conditions applicable to the issuing of securities. |
| (2) | When any new issue of listed securities is made by an issuer or when an issuer issues securities in contemplation of the listing of that issuer’s securities by an exchange, the securities must be issued in uncertificated form. |
| (3) | An issuer and a licensed central securities depository and its participants must make arrangements in accordance with depository rules for uncertificated securities to be evidenced by way of entry. |
| (4) | An issuer has the same obligations in respect of uncertificated securities as it has in respect of certificated securities except that no certificate or written instrument is issued in respect of uncertificated securities. |
