(1) This regulation applies to any company which—
(a) de-listed;
(b) proposes to list and whose register of members is kept by a share registry which subsequently decides not to list.
(2) Despite any provision in its articles of association, a company referred to in subregulation (1) shall, within 3 months of the date of its de-listing or the date of its decision not to list establish a register of members and issue a share certificate to each member of the company at the date of de-listing or the date of its decision not to list for the shares of the company held by the member.
(3) The register of members kept by the licensed share registry shall be used for the purposes of compliance with sub-regulation (2) and all entries recorded on that register of members shall be recorded on the register of members established by the company under this regulation.
(4) Despite any provision of its articles of association a company to which this regulation applies shall comply with sections 177 (2), 186, 191, 193, and 195 – 199 of the Companies Act.
(5) The Commission shall monitor and verify the establishment by the company of its register of members under subregulations (2) and (3) and shall, when in its opinion the process is complete, notify the share registry which shall then close the register of members kept by it.