A share warrant may, at any time be surrendered by the holder to the company for cancellation, and his name can again be entered into the register of members, provided the Articles do not prohibit such conversion and the fee prescribed by the Board of Directors for the purpose is paid [section 115(2)]
In the event of such conversion, if the company enters the name of a bearer of a share warrant in respect of shares therein specified, without the warrant being surrendered and cancelled, the company shall be responsible for any loss that may be occasioned to any person in this regard [section 115(3)]
On surrender of the share warrant, the date of the surrender shall be entered in the register of members. [section 115(4)].
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