A share certificate must comply with the requirements laid down in S. 100 and be delivered to the owner of the shares within the time stipulated in S.107(1) in order for it to constitute a valid share certificate.

 While S. 368 provides for fraud by the officers, it does not apply to a situation where a share certificate has been forged. Instead, forgery is provided for under the S. 463 of the Penal Code. It is submitted that the relevant section would be Section 264(a) in the event that the said share certificate is found to be a false document of that it has been forged.

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