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51.—(1) The directors may issue a share warrant in respect of any fully paid share.
(2) Share warrants must be—
(a)issued in such form, and
(b)executed in such manner,
as the directors decide.
(3) A share represented by a share warrant may be transferred by delivery of the warrant representing it.
(4) The directors may make provision for the payment of dividends in respect of any share represented by a share warrant.
(5) Subject to the articles, the directors may decide the conditions on which any share warrant is issued. In particular, they may—
(a)decide the conditions on which new warrants are to be issued in place of warrants which are damaged or defaced, or said to have been lost, stolen or destroyed;
(b)decide the conditions on which bearers of warrants are entitled to attend and vote at general meetings;
(c)decide the conditions subject to which bearers of warrants may surrender their warrant so as to hold their shares in certificated or uncertificated form instead; and
(d)vary the conditions of issue of any warrant from time to time,
and the bearer of a warrant is subject to the conditions and procedures in force in relation to it, whether or not they were decided or specified before the warrant was issued.
(6) Subject to the conditions on which the warrants are issued from time to time, bearers of share warrants have the same rights and privileges as they would if their names had been included in the register as holders of the shares represented by their warrants.
(7) The company must not in any way be bound by or recognise any interest in a share represented by a share warrant other than the absolute right of the bearer of that warrant to that warrant.
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