Certificates.

11. The certificates of title to shares or stock shall be issued under the seal of the Company, and signed in such manner as the Directors shall prescribe.

12. Every Member shall be entitled to one certificate for all the shares or stock registered in his name, or to several certificates each for a part of such shares or stock. Every certificate of shares shall specify the number of the share in respect of which it is issued, and the amount paid up thereon.

13. If any certificate be worn out or defaced, then upon production thereto to the Directors, they may order the same to be cancelled, and may issue a new certificate in lieu thereof; and if any certificate be lost or destroyed, then upon proof thereof to the satisfaction of the Directors, or in default of proof on such indemnity as the Directors deem adequate being given, a new certificate in lieu thereof shall be given to the party entitled to such lost or destroyed certificate.

14. The sum of two shillings and sixpence, or such smaller sum as the Directors may determine shall be paid to the Company for every certificate issued.

15. The certificates of shares or stock registered in the names of two or more persons shall be delivered to the person first named on the register in respect thereof.