Ghana Act or statute

Parliament of Ghana

Central Securities Depository Act, 2007 (ACT 733)

account suspensionaccountingapplication approvalsapplication procedureasset realisationauditbook-entry holdingsbook-entry securitiesbook-entry transferbook-entry transferscapital marketscentral securities depositorycentral securities depository operationscertificate receiptcertificate transfercertificate transfer liabilitycollective investment schemescompliancecompliance disclosurescontemptcorporate actionscorporate compliancecorporate formationCompany lawcorporate liabilitycorporate recordscourt orderscustodial securitiescustodycustody and depository operationscustody of securitiescustody recordsdata integritydefaultdefinitionsdematerialisationdematerialised securitiesdepositorsdepositorydepository compliancedepository conductdepository directionsdepository operationsdepository recordsdepository regulationdepository rule changesdepository securitiesdisclosuredisclosure controlsexchange listing/admittancefalse statementsfeesfiling deadlinesfinancial reportinggeneral penaltyguarantee fundimmobilisationinformation secrecyinformation securityinspectionsinvestigationinvestigations and auditsissue of securitiesissuer accessissuer complianceissuer obligationsissuer reportinglicensing/approvallicensing/registrationlistingmarket infrastructuremember rightsoffencesparticipant appointmentpenaltiesprospectuspublic offer of securitiesrecord disclosurerecord keepingrecord productionrecord retentionrecordkeepingrecords and accountsrecords protectionreferencesregister maintenanceregistrationregulatory approvalregulatory complianceregulatory investigationsrule amendmentsafe custodysecuritiessecurities accountssecurities depositorysecurities registrationsecurities regulationsecurities settlementsecurity interestssecurity transferset-offsettlementstatements of accountsstock exchange compliancestock exchange tradingsystem access controltermination of agreementtradingtrading restrictionstransfer restrictionsunderwritingvoting rights

Jurisdiction: Ghana
Structure: 62 provisions
Citation: Act 733
Dates: Undated source snapshot

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Purpose and legislative effect

“A company registered under the Companies Code, 1963 (Act 179) may establish a central securities depository.”

A company registered under the Companies Code, 1963 (Act 179) may establish a central securities depository. A person who wants to establish or operate a central securities depository must apply in writing to the Commission. The Commission must grant a written application if it is satisfied of the stated approval and public-interest conditions. The Commission may impose conditions when approving an application. A depository may change its rules only with the Commission’s prior approval, and it must apply in writing if it wants to amend them.

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Establishment of a central securities depository

A company registered under the Companies Code, 1963 (Act 179) may establish a central securities depository.

Section 1

Restriction on trade in eligible securities

A person must not trade eligible securities on a stock exchange after the admission date unless the security has been deposited with a depository.

Section 16

Evidence of transactions in respect of deposited securities

A depositor must have transactions in deposited securities recorded by entry in the depositor’s securities account.

Section 32

Power of the Commission to require production of records

The Commission may require listed persons to produce records or accounts, and failure to comply is an offence.

Section 47

Consequential amendments

This section makes consequential amendments: it expands securities-law powers, deletes part of the definition of “dealer,” repeals two Companies Code sections, and updates the definition of “Register” to include electronic records.

Section 62

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Showing 62 of 62 provisions

Provision 39Offence 15Amendment 5Substitution

§ 1Establishment of a central securities depositoryProvision

A company registered under the Companies Code, 1963 (Act 179) may establish a central securities depository.

Section 1—Establishment of a central securities depository A central securities depository may be established by a company registered under the Companies Code, 1963 (Act 179).

Section 1Verify source

§ 2Application procedureProvision

A person who wants to establish or operate a central securities depository must apply in writing to the Commission.

Section 2—Application procedure (1) A person who intends to establish or operate a central securities depository shall, apply in writing to the Commission. (2) The application shall be in writing and accompanied by central securities depository rules made by the applicant in a manner and form prescribed by the Commission and shall provide for (i) the proper and efficient operation, management and maintenance of the central depository; (ii) the clearing and settlement service to facilitate buying, selling and other dealings in securities and the operations of the depository service; (iii) the confidentiality and protection of information and documents related to the affairs of persons holding securities accounts with the central securities depository and the securities accounts held by them; and (iv) any other information that the Commission may prescribe. 5

Section 2Verify source

§ 3Grant of applicationProvision

The Commission must grant a written application if it is satisfied of the stated approval and public-interest conditions.

Section 3—Grant of application The Commission shall grant an application in writing if it is satisfied that (a) the proposed central securities depository rules of the applicant are rules approved by the Commission, (b) the establishment and maintenance of the central securities depository, promote the positive development of securities market in the country, and (c) the interest of the public dealings with securities, will be served.

Section 3Verify source

§ 4Conditions for grant of applicationProvision

The Commission may impose conditions when approving an application.

Section 4—Conditions for grant of application The Commission may, impose conditions in relation to (a) the paid-up or authorised capital of the depository, (b) the shareholding of the members of the depository, (c) the appointment of the board of directors and management of the depository, and (d) any other matters that the Commission considers appropriate in approving an application.

Section 4Verify source

§ 5Alterations to central securities depository rules by a depositoryAmendment

A depository may change its rules only with the Commission’s prior approval, and it must apply in writing if it wants to amend them.

Section 5—Alterations to central securities depository rules by a depository (1) A depository shall not amend its rules, except with the prior approval of the Commission. (2) A depository which intends to amend its rules shall apply in writing to the Commission. (3) The Commission shall within thirty days after receipt of the application communicate its decision in writing to the depository.

Section 5Verify source

§ 6Amendment of a central securities depository rules by the CommissionAmendment

The Commission may amend the central securities depository rules after consulting the depository, and must specify the amendments in writing and state when they take effect.

Section 6—Amendment of a central securities depository rules by the Commission (1) The Commission may amend the central securities depository rules after consultation with the depository. (2) The Commission shall in writing specify any amendments made and the date on which the amendment shall come into force.

Section 6Verify source

§ 7Functions of a central securities depositoryProvision

A depository must carry out specified operating functions for the central securities depository.

Section 7—Functions of a central securities depository A depository shall (a) facilitate the admittance of securities into the central securities depository; (b) facilitate the deposit and withdrawal of certificates in respect of securities admitted in the central securities depository; (c) facilitate the dematerialisation of securities accounts; (d) open, maintain and close securities accounts; (e) establish a proper and efficient system for the verification, inspection, identification and recording of book-entry securities with the central depository; (f) facilitate the efficient transfer of book-entry securities; 6 (g) facilitate the efficient process of cash payment in exchange for securities; (h) facilitate the registration of dealings in book-entry securities; (i) operate securities accounts for the handling of book-entry securities and cash; (j) designate one or more banks as a settlement partner for the settlement of funds in respect of transactions cleared through a depository; (k) facilitate the efficient collection of fees and other charges that may be required; (l) guard against falsification of any records or accounts required to be kept or maintained under this Act; and (m) perform other functions that are necessary to ensure orderly dealings in admitted or dematerialised securities, or as the Commission may from time to time prescribe.

Section 7Verify source

§ 8FeesProvision

A depository must charge fees for its services and facilities only if they are approved by the Commission.

Section 8—Fees A depository shall charge such fees for its services and facilities as approved by the Commission.

Section 8Verify source

§ 9Appointment of participants for central securities depositoryProvision

A central securities depository may appoint certain participants in writing, and participants must be duly appointed before acting.

Section 9—Appointment of participants for a central securities depository (1) A central securities depository may appoint participants comprising the following in writing: (a) a licensed dealing member of a stock exchange, (b) a registrar, custodian, stockbroker, or a person licensed by the Commission as a dealer in securities, (c) a unit trust scheme or mutual fund licensed by the Commission, (d) a person licensed by the Bank of Ghana as a bank under the Banking Act 2004, (Act 673) or as a Non-Bank financial institution under the Financial Institutions (Non-Banking) Law 1993 (P.N.D.C.L. 328); (e) an institutional investor, or (f) a body corporate of a type prescribed by the Commission. (2) A person shall not act as participant of a depository unless the person is duly appointed by the relevant depository. (3) A central securities depository participant shall (a) perform functions approved for the depository under the Central securities depository rules, and (b) produce or make available to the depository or to the Commission when required, any information or document relating to a securities account.

Section 9Verify source

§ 10Directions by central securities depositoryOffence

A depository may give directions to an issuer or participant, and they must comply.

Section 10—Directions by central securities depository 7 (1) A depository may,[sic] give directions to an issuer of securities or a participant in performing its functions under this Act, and the issuer or participant shall comply with the directions. (2) An issuer or participant who fails to comply with directions given by a depository commits an offence and is liable on summary conviction to a fine of not more than five hundred penalty units or a term of imprisonment of not more than five years or to both.

Section 10Verify source

§ 11Central securities depository to provide assistance to the Commission Admitted and dematerialised securitiesProvision

A depository must help the Commission perform its functions, and the Commission and its agents may access the depository’s premises at reasonable times to check compliance with the Act.

Section 11—Central securities depository to provide assistance to the Commission (1) A depository shall provide assistance to the Commission for the performance of its functions. (2) The Commission and its agents shall have access to any part of the premises of a depository at reasonable times to ensure compliance with this Act. Admitted and dematerialised securities

Section 11Verify source

§ 12Issue of uncertificated or dematerialised securitiesProvision

An issuer may issue or convert securities into uncertificated form if its regulations and board resolution allow it. A person may choose certificated or book-entry holding with a depository. If that choice is made, the issuer must give the depository the allotted-security details and the depository must record the security in the allottee’s name as beneficial owner.

Section 12—Issue of uncertificated or dematerialised securities (1) An issuer of securities to the public may (a) issue a security in uncertificated or dematerialised form where it is authorised in its regulations and authorised by a resolution of its board of directors, (b) convert a certificated security into an uncertificated security where it is authorised in its regulations and by a resolution of its board of directors. (2) A person may opt to hold a certificated security or a security in book-entry form with a depository. (3) Where a person opts to hold a security with a depository, the issuer shall give to the depository, details of the allotted security. (4) The depository shall on receipt of details of the allotted security enter it in its records in the name of the allottee as the beneficial owner of the security.

Section 12Verify source

§ 13Admittance of securitiesProvision

A stock exchange may prescribe that certain listed, quoted, or proposed securities be admitted through a central securities depository, must notify the public about eligible securities, and a central securities depository must hold securities only in book-entry form.

Section 13—Admittance of securities (1) Subject to subsection (2), a stock exchange may, after consultation with a central securities depository, prescribe that any security (a) listed or quoted, or (b) proposed to be listed or quoted, on the stock exchange, be admitted by depositing the security with the central securities depository. (2) A stock exchange shall give notice to the public of all eligible securities prescribed by it to be admitted into a depository in respect of securities listed or quoted on the stock exchange. (3) The deposit by a person of an eligible security with a depository participant shall be considered to be a deposit of the security with that central depository. (4) A central securities depository shall hold securities in book-entry form only. 8

Section 13Verify source

§ 14Verification of certificates and transfer to a central securities depositorySubstitution

A depository or participant must lodge the certificate and transfer instrument with the issuer on time, and the issuer must register the transfer unless specified defects or court orders require refusal.

Section 14—Verification of certificates and transfer to a central securities depository (1) A depository or its participant shall lodge the certificate and instrument with the issuer within the period prescribed in the central securities depository rules after deposit of a certificate representing an eligible security and an instrument of transfer in respect of that security. (2) The issuer shall register the transfer of the security in respect of the certificates in the name of the depository or its nominee company on receipt of the certificate and instrument. (3) The issuer shall refuse registration of the transfer where (a) the certificate is not a genuine certificate or is a certificate that has been reported lost or destroyed, and (b) in relation to any security, (i) there has been a duplication in the issue of the certificate representing that security, (ii) a certificate has been issued in excess of the issued capital of the issuer, or (iii) the issuer has been served with an order of a Court prohibiting dealing in respect of the security underlying the certificate. (4) The issuer shall, in any case other than a case referred to in subsection (3), cancel a certificate and substitute in its records the name of the depository or its nominee as a registered owner in respect of that security and inform the depository. (5) A depository shall enter the name of the depositor in its records as the beneficial owner. (6) Where an issuer refuses registration of a transfer, the issuer shall serve on the transferor and the central securities depository, a written notice giving reasons for the refusal. (7) An instrument of transfer lodged with an issuer may be registered in the name of a depository or its nominee company. (8) This section does not apply to bearer securities.

Section 14Verify source

§ 15Trading of eligible securitiesProvision

A depository or depository participant must accept a certificate for an eligible security for settlement of a trade on a stock exchange, subject to the central securities depository rule.

Section 15—Trading of eligible securities (1) This Act applies to trading in eligible securities during the period beginning on the day immediately after the notification date and ending on the admission date. (2) A depository or depository participant, shall accept a certificate representing an eligible security to be admitted for the purpose of settlement of any trade on a stock exchange in accordance with the central securities depository rule. (3) Section 14 shall apply to depository agents and issuers with whom the documents referred to in subsection (2) of this section have been lodged.

Section 15Verify source

§ 16Restriction on trade in eligible securitiesProvision

A person must not trade eligible securities on a stock exchange after the admission date unless the security has been deposited with a depository.

Section 16—Restriction on trade in eligible securities (1) A person shall not trade in any eligible security on a stock exchange, after the admission date, unless the security has been deposited with a depository in accordance with this Act. 9 (2) Despite subsection (1), an eligible security may be deposited at the depository after the admission date at any time subject to the additional fees, that may be imposed under the central securities depository rules.

Section 16Verify source

§ 17Receipt of certificates of eligible securities for safe custodyProvision

A depository may set a notice date after which stock exchange members may not receive eligible security certificates for safe custody, and it must notify the public of that date.

Section 17—Receipt of certificates of eligible securities for safe custody (1) A depository may prescribe a date by notice after which a member of a stock exchange may not receive a certificate representing an eligible security for safe custody. (2) A depository shall give notice to the public of the date prescribed.

Section 17Verify source

§ 18Liability of a central securities depository for loss or damage of certificatesProvision

A depository and its participants are liable to a depositor for loss or damage to deposited certificates, but a depository is not liable if the certificate transfer cannot be registered.

Section 18—Liability of a central securities depository for loss or damage of certificates (1) A depository and its participants are liable to a depositor for any loss or damage in respect of a certificate deposited by a depositor with the central securities depository or depository participant. (2) Despite subsection (1), a depository is not liable for loss or damage of a certificate the transfer of which is not capable of registration. (3) Subsection (2) shall not relieve a depository participant from any obligation imposed on the depository participant by the rules of a stock exchange in its capacity as a member of the stock exchange to effect buying-in resulting from a refusal of an issuer to register a transfer.

Section 18Verify source

§ 19Withdrawal of immobilised securitiesProvision

A depositor may withdraw securities from a securities account on application to the depository, but government securities cannot be withdrawn.

Section 19—Withdrawal of immobilised securities (1) A depositor may, withdraw a security standing to the credit of the depositor's securities account on application to the depository. (2) Where an application for the withdrawal of a deposited security is made and the appropriate notification and withdrawal documents are received by the issuer or its share registry in accordance with the rules of the central securities depository, the issuer or its share registry, shall complete and deliver to the central securities depository certificates in connection with the transfer of the securities within 14 days after the date of receipt of the withdrawal documents to be forwarded to the participant. (3) Despite subsection (1) withdrawals are not allowed for government securities.

Section 19Verify source

§ 20Trading of securities withdrawn from central securities depositoryProvision

A person must not trade securities withdrawn from a depository on a stock exchange unless the securities are re-deposited in a depository.

Section 20—Trading of securities withdrawn from central securities depository (1) A person shall not trade securities withdrawn from a depository on a stock exchange unless the security is re-deposited in a depository. (2) A security which is re-deposited with a central securities depository shall not be utilised to settle a transaction which took place on a stock exchange prior to the re-deposit of that security. (3) Section 15 relating to eligible securities shall apply in respect of a re-deposited security.

Section 20Verify source

§ 21Withdrawal of prescribed securities prohibitedProvision

A person must not withdraw a prescribed dematerialised security from a depository. A stock exchange may restrict or prohibit withdrawal of listed or quoted securities only with prior approval from the Commission, and must notify the depository and the public if it does so.

Section 21—Withdrawal of prescribed securities prohibited (1) A person shall not withdraw from a depository,[sic] security which is prescribed as a dematerialised security. 10 (2) A stock exchange may, with the prior approval of the Commission, restrict or prohibit the withdrawal of a security or class of securities which is listed or quoted by the stock exchange for a period and in a manner as it considers appropriate. (3) Where a stock exchange restricts or prohibits the withdrawal of book entry securities the stock exchange shall (a) inform the depository of the decision, and (b) give notice to the public of (i) the book-entry securities restricted or prohibited from withdrawal, and (ii) the period of the restriction or prohibition.

Section 21Verify source

§ 22Dematerialisation of securitiesAmendment

A depository may set a dematerialisation period in consultation with the Commission, and issuers must notify the public and amend their constitutive documents within the stated period after being notified.

Section 22—Dematerialisation of securities (1) A depository may in consultation with the Commission, prescribe a period after which securities or a class of securities held or to be held by the depository shall be dematerialised in accordance with the process laid down under the central securities depository rules. (2) An issuer of a dematerialised security shall be notified by the depository, of the decision taken in accordance with subsection (1). (3) An issuer of a dematerialised security shall (i) give notice to the public that the security shall, on the dematerialisation date, become a dematerialised security; and (ii) take necessary steps to amend its Regulations, deed of establishment, trust deed, or enabling statute, as the case may be, to comply with this Act and the central securities depository rules within a period stipulated in the notice upon being notified of the decision. (4) A notice of dematerialisation shall specify a dematerialisation date of not less than one month from the date of publication of the notice.

Section 22Verify source

§ 23Central securities depository to maintain official record of depositorsProvision

Issuers of dematerialised securities must hand over physical member/debenture registers and send holder information to the central securities depository; the depository must keep an official register and computerized depositor records.

Section 23—Central securities depository to maintain official record of depositors (1) Every issuer of a security prescribed as a dematerialised security, shall on or after the dematerialisation date (a) surrender the physical register of members or debenture holders to the depository, and (b) provide information to the central securities depository of any member or debenture holder who appears in the appropriate register as a holder of a certificate not already admitted by the depository. (2) A depository shall maintain an official Register which shall include the name and particulars of (a) each depositor with a security credited to a securities account held by the depositor, and (b) each member or debenture holder whose name appear under the appropriate register of members or debenture holders of the company. 11 (3) Despite sections 32 and 96 of the Companies Code relating to register of members and debenture holders, a record of depositors maintained shall (a) contain information in computerised record form; and (b) contain any other information as may be required under the central security depository rules. (4) This section shall not apply to any bearer security, or be construed as making the depository an agent of the issuer for the purpose of providing registration services.

Section 23Verify source

§ 24Issuer not to issue certificates in respect of dematerialised securitiesProvision

An issuer must not issue a certificate for a dematerialised security after the dematerialisation date.

Section 24—Issuer not to issue certificates in respect of dematerialised securities An issuer shall not issue a certificate in respect of a dematerialised security after the dematerialisation date.

Section 24Verify source

§ 25Effect of reference to records in a central securities depository 2Provision

For dematerialised securities, references to member registers, share transfers, and ownership certificates are treated as references to depository records, book-entry transfers, and depository account statements.

Section 25—Effect of reference to records in a central securities depository (1) With effect from the date of dematerialisation and despite the provisions of the Companies Code or the Regulations of the issuer, a reference in respect of a dematerialised security to (a) a register of members or debenture holders including branch registers, maintained by a company under the Companies Code is a reference to the record of depositors maintained by the depository, (b) a transfer of shares or debentures under the Companies Code is a reference to a book-entry transfer performed by the depository, and (c) a certificate, or an instrument of transfer representing any security which is used as prima facie evidence of ownership of that security is a reference to a statement of account issued by the central securities depository. (2) Sections 32 and 96 of the Companies Code shall not apply to a dematerialised security.

Section 25Verify source

§ 26Application to collective investment schemesProvision

This section says that, from the dematerialisation date, certain collective investment scheme references are treated as references to depository records, book-entry transfers, and depository-issued account statements.

Section 26—Application to collective investment schemes (1) With effect from the dematerialisation date and despite any provision in a trust deed of a collective investment scheme, a reference to (a) a register of a collective investment scheme, is a reference to the record of depositors maintained by the depository, (b) a transfer of interest in a collective investment scheme from one investor to another, is a reference to a book-entry transfer by the central securities depository, and (c) a certificate issued as evidence of an interest in a collective investment scheme, is a statement of account issued by the depository.

Section 26Verify source

§ 27Rules in respect of dematerialised securities Securities accounts and recordsProvision

The Commission may make rules for dematerialised securities, including replacing physical registers with book-entry records and setting forms for recording pre-dematerialisation interests.

Section 27—Rules in respect of dematerialised securities The Commission may prescribe rules in respect of dematerialised securities (a) to effect the replacement of physical registers with book-entry records where the dematerialised security is a security other than a share or debenture under the Companies Code, or an interest in a collective investment scheme, and 12 (b) to specify forms for recording interest in securities standing to the credit of any depositor before the dematerialisation date. Securities accounts and records

Section 27Verify source

§ 28Dealers in book-entry securities to hold securities accountProvision

A person may not deal in book-entry securities unless they hold a securities account with a central securities depository. A depository may also set up different types of securities accounts for different classes of persons or securities.

Section 28—Dealers in book-entry securities to hold securities account (1) A person shall not deal in book-entry securities unless the person holds a securities account with a central securities depository. (2) A depository may establish different types of securities accounts for different classes of persons or securities. (3) An entry in a securities account in respect of a transaction shall (a) in the case of a securities account established and maintained directly by a central securities depository be considered to have been made by, or with the authority of, the central securities depository; and (b) in the case of a securities account established through, and maintained by a depository agent on behalf of a depository, be considered as having been made by, or with the authority of,[sic] the depository agent. (4) A record of an entry in a securities account in respect of a transaction in book-entry securities shall be prima facie evidence of the matters recorded.

Section 28Verify source

§ 29Issuance of statements of accountsProvision

A depository must issue account statements to depositors, and must do so when a depositor gives written notice and pays any charges set under the central securities depository rules.

Section 29—Issuance of statements of accounts (1) A depository shall issue statements of accounts to depositors, in respect of book-entry securities held by or registered in the name of the depository or its nominee company for the depositors at a time and in a manner prescribed. (2) Despite subsection (1), a depositor may, require the depository to issue by written notice to the depositor, a statement of accounts in respect of book-entry securities held by or registered in the name of the depository or its nominee company on behalf of the depositor. (3) A depository shall on receipt of a written notice and upon payment of charges which may be imposed under the central securities depository rules, issue to the depositor the statement of account required. (4) A statement of accounts issued under this section is evidence of truth of the matters specified in that statement of account.

Section 29Verify source

§ 30Duty of central securities depository to keep records and accountsProvision

A depository must keep records and accounts showing specified transfers, income, expenses, payments, assets, liabilities, and contingent liabilities.

Section 30—Duty of central securities depository to keep records and accounts A depository shall keep records and accounts to show particulars of (a) transfers of book-entry securities to and from a securities account, (b) income received from commissions, fees, charges and other sources, and expenses, commissions, and other payments made or paid by the central securities depository, and (c) assets and liabilities including contingent liabilities of the central securities depository.

Section 30Verify source

§ 31Audit of records and accounts Securities transactions and entriesProvision

A depository must arrange an annual audit of its records and accounts and submit a certified audit report to the Commission within 90 days after year-end.

Section 31—Audit of records and accounts 13 (1) A depository shall cause an audit to be conducted in respect of its records and accounts at the end of each financial year. (2) The audit shall include a verification of the accuracy of the details shown in the records and accounts. (3) The depository shall submit a copy of a duly certified audit report to the Commission within ninety days after the end of the financial year. (4) The Commission may, by notice in writing, direct that an audit be conducted of an aspect of or all of a central depository's operations at the expense of the central security depository. Securities transactions and entries

Section 31Verify source

§ 32Evidence of transactions in respect of deposited securitiesProvision

A depositor must have transactions in deposited securities recorded by entry in the depositor’s securities account.

Section 32—Evidence of transactions in respect of deposited securities A transaction in respect of a deposited security by a depositor (a) whether accompanied by an instrument or not shall be by entry in the securities account of the depositor, and (b) shall include a deposit of an eligible security and a trade or transfer of a book-entry from a securities account to another securities account maintained by the depository.

Section 32Verify source

§ 33Provision of record of depositors to issuersProvision

An issuer may request a depository’s record of depositors, and the depository must provide it within the stated time limits.

Section 33—Provision of record of depositors to issuers (1) An issuer of a book-entry security may by written notice require a depository to furnish it with a record of the depositors in whose securities accounts, securities are credited as at the date of the notice. (2) A record of depositors (a) required by an issuer shall be issued by the depository within the period specified in the notice and in any case before the expiry of a period specified under the central securities depository rules; (b) issued in response to a request made by an issuer shall contain the name, identity card, passport number or company number and statement or the number of book-entry securities held in favour of each depositor; (c) obtained by an issuer shall be available for inspection by a member of an issuer without the payment of a fee but may be inspected by any other person on payment of a fee to the depository, in respect of each inspection. (3) A member of an issuer or any other person may require the issuer to furnish him with a copy of the record of depositors or a part of it on the payment of a fee, commensurate to the quantum of information requested. (4) The copy of the record of depositors, or a part of it shall be supplied to the person who required the copy within a period of twenty-one days or within a longer period that the Commission considers reasonable after the date of receipt of the request by the issuer.

Section 33Verify source

§ 34Depositor to be treated as member or debenture holderProvision

A depository holds securities as registered owner for transfer purposes, but it has no voting or other rights in those securities. A depositor gets the security-holder rights linked to the book-entry security, and may attend, speak, or vote at a company meeting only if their name is on the depository register 48 hours before the meeting.

Section 34—Depositor to be treated as member or debenture holder 14 (1) A depository shall be the registered owner of a security for the purposes of effecting transfer of ownership of that security on behalf of a depositor. (2) A depository as a registered owner shall not have voting rights or any other rights in respect of securities held by it. (3) A depositor of a book-entry security whose name appears in the record of depositors is entitled to rights, benefits, powers and privileges and to liabilities, duties and obligations in respect of the security as if the depositor were a member or debenture holder registered in an appropriate register maintained by the issuer of the security, in accordance with the Companies Code or any other law. (4) Despite the Companies Code, a depositor is not entitled to attend a general meeting of a company, speak or vote at the meeting unless the depositor's name appears on the depository register forty-eight hours prior to the general meeting. (5) A depository or its nominee company shall not have an interest in deposited securities registered in its name, or be a bare trustee. (6) For the purpose of this section, "deposited security" does not include a security specified in the securities account as being in suspension under this Act or rules made by the Commission.

Section 34Verify source

§ 35Register of DepositorsProvision

Depositors listed in the register are treated as members or holders while their securities remain entered there. The section also preserves company and issuer register obligations and a depositor’s right to withdraw title documents and re-register them.

Section 35—Register of Depositors (1) Persons named as depositors in a Register of Depositors shall, for the period that the deposited securities are entered against their names in the Register be (a) members of the company in respect of the amount of deposited securities entered against their respective names in the Register of Depositors; or (b) holders of the amount of the issuer's deposited securities other than shares entered against their names in the Register of Depositors. (2) This Act shall not affect (a) the obligation of a company to keep a register of its members, and allow inspection of the register under the Companies Code; (b) the obligation of a company to keep a register of holders of debentures issued by the company and allow inspection of the register, under the Companies Code; (c) the obligation of an issuer other than a company to keep a register of the holders of securities issued by the issuer; (d) the right of a depositor to withdraw documents showing title to securities, from the depository at any time in accordance with the central securities depository rules and to register them in the depositor's name; or (e) the enjoyment of a right, power or privilege, or the imposition of a liability, duty or obligation under the Companies Code, or any other enactment, instrument, or Regulations of a company on a depositor, as a member of a company or as a holder of debentures or securities, except to the extent provided for in this Act or prescribed by regulations made under this Act.

Section 35Verify source

§ 36Termination and set-offCommencement

The Central Securities Depository may end certain agreements with an insolvent participant, and the depository may set off obligations and realise assets in specified insolvency or pledge-related cases.

Section 36—Termination and set-off 15 (1) The Central Securities Depository may terminate its agreement (a) to clear or settle securities transactions, or (b) to act as a depository for securities with an insolvent participant or with a participant in respect of whom insolvency or bankruptcy proceedings are commenced. (2) Where the central securities depository terminates its agreement, the depository may (a) set-off obligations between the insolvent participant and the depository in accordance with the provisions of the agreement, and (b) if there is a net termination sum owed to the depository by the insolvent participant, the depository shall be considered as a creditor of the insolvent participant in respect of that net termination sum. (3) The depository may realise assets of the insolvent or bankrupt participant because of a pledge in favour of the central securities depository or because of the central securities depository rules or guarantees established by the depository in accordance with the central securities depository rules.

Section 36Verify source

§ 37Prohibition in dealings in book-entry securitiesProvision

A depository must not buy, acquire, or deal in book-entry securities as principal unless the Commission permits the purpose and manner.

Section 37—Prohibition in dealings in book-entry securities A depository shall not purchase, acquire, or deal in book-entry securities as principal other than for a purpose and in a manner that may be permitted by the Commission.

Section 37Verify source

§ 38Public offer of securitiesProvision

If certain securities are to be immobilised or dematerialised for listing or quotation, the issuer must tell the public in the prospectus or offer document. After allotment or allocation, the issuer or offeror must confirm the successful applicants’ records with the central securities depository and deliver any certificates to it.

Section 38—Public offer of securities (1) Where a stock exchange or a depository prescribes any securities proposed to be listed or quoted on a stock exchange to be immobilised or dematerialised, the issuer of the security shall notify the public that the security is prescribed in the prospectus or other offer document issued. (2) Upon completion of the allotment or allocation of the security, the issuer or offeror shall (a) confirm with the central securities depository the record of the successful applicants together with information required by the central securities depository in order to make appropriate entries in the securities accounts of the respective applicants, and (b) deliver to the central securities depository the certificates, if any, in denominations specified by the central depository registered in the name of the central securities depository or its nominee company. (3) For the purposes of this section "offeror in relation to a security" means the person offering the security for sale. "a reference to a security proposed to be listed on a stock exchange" means a reference to a security which has been approved by the Commission to be listed on the stock exchange.

Section 38Verify source

§ 39Corporate actionsAmendment

An issuer doing certain book-entry securities corporate actions must notify and deliver documents to the central securities depository, and a prospective allottee must open a securities account before acquiring any security.

Section 39—Corporate actions (1) Where an issuer, in relation to book-entry securities 16 (a) makes a bonus issue of shares by way of an increase in its total issued capital, or issue securities because of a rights issue or the conversion of debt securities, or (b) issues securities because of an exercise of a right or option to acquire securities in the share capital of the issuer. the issuer shall notify the central securities depository and deliver to the central securities depository (i) a confirmed list of the names of the allottees for the purposes of amendment of the securities accounts held by the allottee, and (ii) the appropriate certificates, if any, in denominations that may be specified by the central securities depository registered in the name of the central securities depository or its nominee company. (2) A prospective allottee shall, [sic]open a securities account with the central securities depository before acquiring any security.

Section 39Verify source

§ 40Underwriters to open securities accountsProvision

If a person intends to underwrite certain securities or a rights issue in a book-entry security, they must open a securities account with the central securities depository.

Section 40—Underwriters to open securities accounts A person who intends to underwrite securities proposed to be listed on a stock exchange, or rights issue in respect of a book-entry security, shall open a securities account with the central securities depository.

Section 40Verify source

§ 41Charging of securitiesProvision

This section sets out how a security interest over deposited securities is created, registered, and discharged.

Section 41—Charging of securities (1) Where a security deposited with a depository is charged by a depositor referred to as "the charger" in favour of a person referred to as "the chargee" the chargee or the nominee of the chargee shall create a security interest in the security which is the subject of the charge. (2) A security interest in deposited securities to secure the payment of a debt or liability may be created in favour of a chargee upon the request of the chargee by an instrument of charge in the form prescribed under the central securities depository rules executed by the charger. (3) Subject to this Act or to rules made by the Commission, a security interest shall not be created in deposited securities. (4) An instrument of charge that creates a security interest in a deposited security in favour of another person shall be deposited with the central securities depository where the securities charged are held,[sic] for registration. (5) The central securities depository agent shall on receipt of the instrument of charge deposited register the instrument in a register of charges maintained by the central security depository. (6) If a charge over a deposited security is being discharged or released, the central securities depository or its agent, shall on receipt of a notice of the charge confirm the discharge or release and transfer the deposited security into the securities account of the charger. (7) This section shall not (a) apply to floating charges, 17 (b) affect the validity and operation of floating charges in respect of deposited securities created under any law, and (c) be construed to require the central securities depository to monitor, protect or give effect to an agreement or memorandum made between the charger and the chargee in respect of a charge; but the central securities depository or its agent, may require the charger or chargee to provide a supporting document of the charger on the creation of the security interest by way of the charge.

Section 41Verify source

§ 42Securities in or under suspense Security, secrecy and investigation provisionsProvision

A depository may place certain securities accounts or book-entry securities under suspense when specified conditions are met.

Section 42—Securities in or under suspense (1) A depository may specify a deposited securities account to be in suspense (a) where the transfer of the security in the name of the central securities depository or its nominee company is not registrable by the issuer, (b) where an application for withdrawal of the security has been made by a depositor, or (c) in circumstances prescribed by the depository under the central securities depository rules. (2) A depository may specify that a book-entry security in a security account is under suspense (a) where there is a need for the central securities depository to restrict the transfer, charge or mortgage of the security in the event of an objection or investigation made in accordance with the central securities depository rules, and (b) where the depository has been instructed to restrict the movement of book-entry transfers by the Commission or by a court of competent jurisdiction. Security, secrecy and investigation provisions

Section 42Verify source

§ 43Security measuresProvision

Each depository and its depository agent must take reasonable measures to protect depositor information and documents, especially those related to securities accounts, from unauthorised access.

Section 43—Security measures Each depository and its depository agent shall take reasonable measures to protect information and documents related to the affairs of depositors and in particular,[sic] related to their securities accounts, against unauthorised access by persons.

Section 43Verify source

§ 44Duty to maintain secrecyOffence

People with access to a depositor’s information must not disclose it, and anyone who knows of an improper disclosure must tell the depository.

Section 44—Duty to maintain secrecy (1) Subject to this Act, a director, officer, employee or agent of a central securities depository or any other person who has access to information or document related to the affairs of a depositor and securities accounts of a depositor shall not disclose the information or the contents of a document to another person. (2) A person who has information, which to that person's knowledge was disclosed in contravention of subsection (1) shall inform the depository of the disclosure. (3) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of five hundred penalty units or imprisonment for a term of not less than three years, or to both.

Section 44Verify source

§ 45Permitted disclosuresOffence

A person must not disclose information or documents about deposited securities to someone else unless one of the listed exceptions applies.

Section 45—Permitted disclosures A person shall not disclose information or a document in respect of deposited securities to another person except 18 (a) if the depositor, the depositor's authorised agent or personal representative, has given permission in writing for the disclosure, (b) in a case where the depositor is declared bankrupt, or, if the depositor is a company or body corporate, that depositor is being or has been wound up in Ghana or in any country outside Ghana; (c) for the purpose of instituting civil proceedings or in the course of any civil proceedings (i) between a depository or its agent and a depositor relating to the securities account of the depositor, or (ii) between a central securities depository or its agent and two or more parties making adverse claims to securities or monies in the securities account of the depositor, where the agent seeks relief by way of interpleader, (d) to a person authorised to investigate an offence in respect of a depositor suspected to have committed an offence in relation to a securities account in a depository; (e) to a central securities depository for the purpose of compiling the record of depositors under this Act; (f) to an issuer in respect of a record of depositors issued under this Act; (g) to any member of an issuer or any person in respect of a record of depositors issued under this Act; (h) for the purpose of enabling or assisting the Commission to exercise a power conferred on it under this Act or any other law; (i) for the purpose of enabling or assisting the commission and the Registrar to discharge their functions under this Act; (j) to enable or assist a stock exchange or clearing house of a stock exchange to discharge its duty, and (k) to enable or assist auditors of a central securities depository and its agent to discharge their duty.

Section 45Verify source

§ 46Regulation of access to computer systemOffence

A central securities depository may allow specified users to access its computer system, the Commission may set access rules, and unlawful access or interference is an offence.

Section 46—Regulation of access to computer system (1) A central securities depository may give access to its computer system to (a) its agents, (b) a stock exchange on which book-entry securities are listed, (c) a clearing house of a stock exchange, (d) issuers, and (e) any other person as may be prescribed by the Commission by Regulations made under this Act. 19 (2) The Commission may,[sic] prescribe rules,[sic] to provide for the extent to which a user or class of users can or cannot have access to the system for the purpose of regulating access to the computer system of a central securities depository. (3) A person who (a) being a user, unlawfully gains access or attempts to gain access to a computer system of a central securities depository, (b) unlawfully gains access, or attempts to gain access to a computer system of a central depository, or (c) unlawfully interferes with, impedes or attempts to interfere with or impede, the operation of a computer system of a central securities depository commits an offence and is liable on summary conviction to a fine of seven hundred penalty units or to a term of imprisonment not exceeding five years or to both.

Section 46Verify source

§ 47Power of the Commission to require production of recordsOffence

The Commission may require listed persons to produce records or accounts, and failure to comply is an offence.

Section 47—Power of the Commission to require production of records (1) The Commission may give directions in writing to (a) a central securities depository, (b) a nominee of a central securities depository, (c) a central securities depository agent, (d) a user, (e) a person who is or has been an officer or employee of a central securities depository, or (f) an agent, advocate, solicitor, auditor, or other person acting in any capacity for or on behalf of a central depository or its nominee company, or a central securities depository agent, or a user to produce to the Commission records or accounts related to the business or affairs of a depository agent, or user or records or accounts required to be kept by a central securities depository under this Act. (2) A reference in subsection (1) to a business carried on by a person includes a reference to a business carried on by a person as trustee. (3) Where the Commission requires the production of a record or account and a person has a lien on the record or account, the Commission (a) may take possession of the records or accounts and make copies or extracts from it, (b) may require the other person or any other person who is a party to the compilation of the records or accounts to make a statement providing an explanation of the records or accounts, (c) may retain possession of the records or accounts for a period that the Commission may consider necessary; and 20 (d) shall permit the other person, upon giving reasonable notice and description of the record or accounts, to have access to the records or accounts which are in the possession of the Commission. (4) Where the Commission requires the production of a record or account and the records or accounts are not produced, the Commission may require a person (a) to state where the records or accounts may be found, and (b) to identify the last person who had custody of the records or accounts and where that person may be found. (5) A power conferred by this section to require a person to do an act applies to an officer of a body corporate. (6) A person who fails to comply with a requirement made under this section commits an offence and is liable on summary conviction to a fine of five hundred penalty units, and in the case of a continuing offence is liable to a penalty of ten penalty units for each day that the offence continues.

Section 47Verify source

§ 48Power of Commission to enter and search premisesOffence

The Commission may enter and search premises in specified situations, and people must not obstruct or hinder it or refuse reasonably required assistance.

Section 48—Power of Commission to enter and search premises (1) The Commission shall enter and search premises (a) where there is reasonable grounds to believe that an offence under this Act has been or is likely to be committed, or (b) where a record or account which is required to be produced in compliance with a request by the Commission, is being kept; and (i) if the premises is occupied by a depository or a user, inspect, examine and operate the computer system, (ii) if the premises is occupied by any other person, break open and search any cupboard, drawer, safe, box or other receptacle, and where a computer system is installed, inspect, examine and operate the system, and (iii) take possession of records, documents or other material found on the premises. (2) A person who (a) obstructs or hinders the Commission in the exercise of its powers, (b) fails to give to the Commission assistance that it may reasonably require commits an offence and is liable on summary conviction to a fine of five hundred penalty units or to term of imprisonment not exceeding three years or to both.

Section 48Verify source

§ 49Disclosure to CommissionOffence

The Commission may require a depository or its agent to disclose specified securities information, and non-compliance is an offence.

Section 49—Disclosure to Commission (1) The Commission may require a depository or its agent to disclose to the Commission (a) the acquisition or disposal of deposited securities and the nature of the instructions given to the central securities depository or its central agent in respect of the acquisition or disposal, 21 (b) information regarding the disposal of the securities account numbers and entries made in the securities account, and (c) the book-entry securities acquired or disposed of by a depositor as trustee for or on behalf of another person, including the name of the person and the nature of instructions given to the depositor in respect of the acquisition and disposal. (2) A person who,[sic] contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of five hundred penalty units or to a term of imprisonment not exceeding three years or to both.

Section 49Verify source

§ 50Investigation by CommissionOffence

The Commission may investigate if it suspects a person has committed or is about to commit an offence under the Act.

Section 50—Investigation by Commission The Commission may conduct an investigation if it suspects that a person has committed or is about to commit an offence under this Act.

Section 50Verify source

§ 51Power of Court to make orders Miscellaneous provisions 3Offence

The Court may make orders to stop or compel conduct related to deposited securities, and a person who disobeys such an order commits an offence.

Section 51—Power of court to make orders (1) If on the application of an aggrieved party or a central securities depository, it appears to the Court that a person (a) has committed an offence under this Act in relation to dealings in deposited securities; (b) has contravened the central security depository rules; or (c) is about to do an act in relation to dealings in deposited securities that constitutes an offence under this Act or would be a contravention of the central securities depository rules the court may make an order; (i) to restrain a person from acting or holding himself out as a depository agent, (ii) to restrain a person from withdrawing or dealing with book-entry securities specified in the order, (iii) compel a person to do or refrain from doing an act, and (iv) that it considers necessary. (2) Before making an order, the Court may direct that notice of the application should be (a) served on the relevant parties, and (b) published in a manner that is considered appropriate. (3) A person,[sic] who fails to comply with an order made by the Court commits an offence and is liable on summary conviction to a fine of five hundred penalty units or to a term of imprisonment of not less than three years or to both. (4) The Court may in addition to the penalty provided for charge a person for contempt of court, rescind, vary or discharge an order made by it or suspend the operation of the order[sic]. Miscellaneous provisions

Section 51Verify source

§ 52Preservation of records and accountsProvision

A central securities depository and its agents must keep records and accounts relating to the depository for six years after a securities account is closed.

Section 52—Preservation of records and accounts 22 A central securities depository and its agents shall preserve records and accounts relating to the depository for a period of six years after closure of a securities account, whether or not they cease to carry on business before the end of the seventh year.

Section 52Verify source

§ 53Guarantee FundProvision

A central securities depository must establish and maintain a Guarantee Fund.

Section 53—Guarantee Fund (1) A central securities depository shall establish and maintain a Guarantee Fund for the purpose of providing an indemnity against default in respect of payments for or delivery of securities by a depository participant and of obligations of participants towards the central securities depository. (2) The assets of the Guarantee Fund consists of moneys accruing to the Fund and contributions specified in the central securities depository rules. (3) Where the central securities depository has made payment from the Guarantee Fund in relation to a default, even if the central securities depository is not a counter party to the transaction between selling and buying participants, it shall be subrogated to the rights and powers of the participant not in default for the purpose of the seizure and sale of unpaid securities and of operating the Guarantee Fund.

Section 53Verify source

§ 54Falsification of records or accountsOffence

It is an offence to make or keep false or misleading records or accounts-related information, or to destroy, remove, or fail to record/store information in the specified circumstances.

Section 54—Falsification of records or accounts (1) A person who (a) records or stores, information that is false or misleading; (b) falsifies, destroys or removes (i) information which is recorded or stored by that person, (ii) information which is prepared for the purpose of being recorded or stored, (iii) information which is prepared for use in compiling records, and (iv) information which is prepared for use in recovering other information, in relation to a record or an account required to be kept by a depository or its agent under this Act by means of a mechanical device, an electronic device, or any other device, commits an offence and is liable on summary conviction to a fine of not more than five hundred penalty units or to imprisonment for a term of not more than three years or to both. (2) A person who is responsible for recording or storing information but fails to do so (i) with intent to falsify any entry made, or record intended to be compiled from the information that has been recorded or stored, and (ii) knowing that the failure to record or store the information will render the information recorded or stored, false or misleading commits an offence and is liable on summary conviction to a fine of not more than five hundred penalty units, or to imprisonment for a term of not less than three years, or both.

Section 54Verify source

§ 55Destruction, concealment, or alteration of recordsOffence

A person must not destroy, conceal, alter, or send certain records or accounts out of Ghana in specified circumstances, and doing so is an offence.

Section 55—Destruction, concealment, or alteration of records A person who 23 (a) destroys, conceals, or alters a record or account required to be kept under this Act; or (b) sends, attempts to send or conspires with another person to send out of Ghana any record or account, with intent to defraud a person, or to prevent, delay or obstruct the carrying out of an examination, investigation or audit, or the exercise of a power under this Act, commits an offence and is liable on summary conviction to a fine of one thousand penalty units or to a term of imprisonment not exceeding four years or to both.

Section 55Verify source

§ 56Furnishing false or misleading informationOffence

A person must not give false or misleading information for an application under the Act or when complying with a requirement under the Act.

Section 56—Furnishing false or misleading information A person who furnishes information which is false or misleading (a) for the purpose of, or in connection with, any application under this Act; or (b) in compliance with any requirement imposed on that person under this Act, commits an offence and is liable on summary conviction to a fine of five hundred penalty units or to a term of imprisonment of not more than three years.

Section 56Verify source

§ 57Offences by bodies corporateOffence

If a body corporate commits an offence under the Act, its director, other officer, or someone acting in that role may be treated as having committed it unless they prove lack of consent or connivance and show they tried to prevent it with due diligence.

Section 57—Offences by bodies corporate Where an offence under this Act is committed by a body corporate, a director, or other officer of the body corporate or a person acting in that capacity is liable to have committed that offence unless the person proves that (a) the offence was committed without the person's consent or connivance; and (b) the person exercised diligence to prevent the commission of the offence having regard to the nature of the person's functions in that capacity and to other circumstances.

Section 57Verify source

§ 58General penaltyOffence

If a person breaches an Act provision that has no separate penalty, the person commits an offence and may be fined, imprisoned for up to three years, or both.

Section 58—General penalty A person who contravenes a provision of this Act for which a penalty is not provided commits an offence and is liable on summary conviction to a fine of five hundred penalty units or to a term of imprisonment of not more than three years or to both.

Section 58Verify source

§ 59RegulationsOffence

The Minister may make regulations, on the Commission’s advice, by legislative instrument, and those regulations may set penalties up to 2,500 penalty units.

Section 59—Regulations (1) The Minister may,[sic] on the advice of the Commission, by legislative instrument make Regulations for matters necessary for the effective implementation of this Act. (2) Despite the Statutory Instruments Act, 1959 (No. 52) Regulations made under this Act may impose a penalty of not more than two thousand five hundred penalty units.

Section 59Verify source

§ 60InterpretationAmendment

This section gives meanings for terms used in the Act, including access, agent, central securities depository, Commission, and prescribe.

Section 60—Interpretation (1) In this Act, unless the context otherwise requires, "access" in relation to a computer system, means the placing of information on that system and the retrieval of information from that system; "admittance of securities date" in relation to any eligible security, means the date specified in the notice given by a stock exchange as being the last day on which the eligible security may 24 be traded on a stock market of the stock exchange unless such security has been deposited with the central depository; "admittance of security" means a security in which the underlying certificate has been deposited with and is held by a central depository; "agent" means a Central Securities Depository agent; "bank" mean[sic] a body corporate which is issued with a licence in accordance with the Banking Act 2004 (Act 673); "bare trustee" means a trustee who has no beneficial interest in the subject matter of the trust; "bearer security" means a security the title[sic] to which is transferable by delivery with or without endorsement of the certificates representing such securities; "buying in" means the buying effected by a security exchange, according to the rules of the stock exchange of securities which a seller has failed to deliver on a day fixed for settlement; "charge" includes a pledge or a mortgage; "certificate" means a document that is a document of title to a security; "central depository agent" in relation to any central depository, means a person appointed to be an agent of that central depository; "central securities depository" or "depository" means a company approved by the Commission to establish and operate a system for the central handling of securities— (i) whereby the securities are immobilised or dematerialised and dealings in respect of those securities are effected by means of entries in securities accounts without the physical necessity of certificates; or (ii) which permits or facilitates the settlement or registration of securities transactions of dealings in securities without the physical necessity of certificates; and (iii) which provides other facilities and services incidental with the proceeding provisions; "Commission" means the Securities and Exchange Commission established by the Securities Industry Law 1993 (P.N.D.C.L. 333) as amended; "Companies Code" means the Companies Code, 1963 (Act 179) as amended; "computer system" in relation to a central depository, means a computer system established by a central securities depository which forms part of the system for the central handling of securities and which consists of (i) the central equipment comprising hardware and software associated with that hardware, located at the premises of the central depository, and (ii) the terminals located at the premises of the users. "central securities depository rules" includes the rules of a central securities depository and any other directions given from time to time by a central securities depository to any person; 25 "dealer" means a dealer as defined in the Securities Industry Law 1993 (P.N.D.C.L. 333) as amended; "dealing in securities" means dealing in securities as defined in the Securities Industry Law 1993 (P.N.D.C.L. 333) as amended; "debt securities" means debentures, bonds, notes, or other similar instruments representing or evidencing indebtedness whether secured or otherwise; "debenture" and "debentureholder" means debenture and debentureholder as defined under the First Schedule to the Companies Code; "dematerialisation" means the elimination of physical certificates or documents of title that represent ownership of securities so that securities exist only as accounting records; "dematerialisation date" in relation to a dematerialised security, means the date prescribed by a central securities depository as being the last day on which a certificate representing such security shall not be recognised as first hand evidence of ownership under the Companies Code; "dematerialised security" means a security which has been prescribed by the central securities depository whereby the underlying physical certificate is no longer recognised as prima facie evidence of ownership under the Companies Code; "deposited security" includes a security standing to the credit of a security account which is transferable by way of book-entry in the record of depositors and a security in a securities account that is in suspense; "depositor" in relation to any book-entry, means a holder of a securities account; "depository" means a central securities depository; "eligible security" means a security which has been prescribed by the Bank of Ghana or a stock exchange to be admitted in with a central securities depository; "information" includes data recorded in a form which can be processed by equipment operating automatically in response to instructions given for a particular purpose; "institutional investor" means a person whose ordinary course of business is to hold, manage or invest funds in connection with retirement benefits, insurance contracts, mortgage and savings schemes and any funds or scheme in the nature of a collective investment scheme; "issuer" in relation to a security, includes the company, corporation, government or body corporate or unincorporated or other person, which issued that security, and any person performing the functions of a registrar for the issuer in respect of the security; "listed" means admitted to the official list of a stock exchange in Ghana and listing shall be construed accordingly; "listed security" means a book-entry security listed on a stock exchange in Ghana; "market day" means any day during which a stock exchange is open for business; "member" in relation to (i) a stock exchange, means a person who is recognised as a member of a stock exchange; and 26 [sic] (iii) a company, means a person who is recognised as a member of a company under the Companies Code; "Minister" means the Minister responsible for Finance; "non-bearer security" means a security other than a bearer security; "notification date" means the date on which is given by a stock exchange; "official list" in relation to a stock exchange in Ghana, means a list or lists specifying all securities which have been admitted for listing on that stock exchange; "prescribe" means prescribed by regulations under this Act; "record" in addition to a record in writing, includes (i) a photograph; (ii) a disc, tape, sound-track, or other device in which sounds or other data (not being visual images) are embodied so as to be capable (with or without the aid of some other instrument) of being reproduced from the disc, tape, sound track or other device; and (iii) a film, tape or other device on which visual images are embodied so as to be capable (with or without the aid of some other instrument) of being reproduced therefrom, and any reference to a copy of a record includes a film, tape or other device; (iv) in the case of a record falling within paragraph (ii) but not paragraph (iii) of this definition, a transcript of the sounds or other data embodied therein; (v) in the case of a record falling within paragraph (iii) but not paragraph (iv) of this definition, a still reproduction of the images embodied therein, whether enlarged or not; and (vi) in the case of a record falling within both paragraphs (ii) and (iii) of this definition, the transcript of the sounds or other data embodied therein together with the still reproduction of the images embodied therein; "Register of depositors" means a record maintained by a central securities depository to an issuer which contains specified particulars; "Registrar" means a person appointed by an issuer to perform the functions of a registrar of its securities; "securities" includes— (i) debentures, shares, bonds or notes issued or proposed to be issued by a body corporate and any right, warrant or option in respect of them, (ii) bonds, treasury bills or other loan instrument of the Government of Ghana or of any other country, (iii) rights of interest, whether described as units or otherwise under a collective investment scheme, 27 (iv) other rights, interests or instruments that the Minister may,[sic] by notice in the Gazette, prescribe. "securities account" means an account established by a central securities depository for a depositor for the recording of deposited securities and cash balances, in respect of dealings in the securities by the depositor; "selling out" means the selling of securities effected by a stock exchange according to the rules of the stock exchange, in which a buyer has failed to accept and to pay for when delivered on a day fixed for the settlement; "settlement partner" means a commercial bank designated by a depository participant to settle its transactions with the central securities depository; "stock market" means a market exchange or other place at which, or a facility by means of which securities are regularly offered for sale, purchase or exchanged; and "user" means a central securities depository agent, an issuer, a stock exchange or another person that may be prescribed by the Commission who may be given access to a computer system of a central depository.

Section 60Verify source

§ 61ReferencesProvision

This section explains what counts as “writing” and what a reference to securities deposited with a central securities depository means.

Section 61—References A reference in this Act to (a) writing includes any mode of presenting or reproducing letters, figures or marks in a visible form, and (b) a security being deposited or required to be deposited with a central securities depository shall be construed as a reference to a deposit of (i) the certificate, (ii) the instrument of transfer, if any, or (iii) any other document representing the security, to the central securities depository.

Section 61Verify source

§ 62Consequential amendmentsRepeal

Section 62—Consequential Amendments (1) The Securities Industry Law, 1993 (P.N.D.C.L. 333) as amended by the Securities Industry (Amendment) Act 2000 (Act 590) is hereby further amended (a) by the insertion of a new section 9 (c) as follows: "to register, licence, authorise or regulate, in accordance with this Act or any regulations made under it, stock exchanges, investment advisers, unit trust schemes, mutual funds, securities dealers, central securities depositories, and their agents, and to control and supervise their activities with a view to maintaining proper standards of conduct and acceptable practices in the securities business;" (b) by the deletion of the following from the definition of "dealer" under section 142 of the Securities Industry Law, 1993 (P.N.D.C.L. 333) as amended by section 12 (c) of the Securities Industry (Amendment) Act, 2000 (Act 590). 28 "a person who performs the functions of central securities depository and/or provides securities clearing and settlement facilities". (2) Section 52 of the Companies Code is hereby repealed. (3) Section 82 of the Companies Code is hereby repealed. (4) The First Schedule to the Companies Code, is hereby amended by the substitution of the following for the definition of the "Register" "Register" includes a Register maintained in electronic form and saved on any device including a disc, tape, or other device in which sounds or other data are embodied so as to be capable (with or without the aid of some other instrument) of being reproduced from the disc, tape or other device." Date of Gazette Notification: 24th May, 2007.

Section 62Verify source

Legislative relationships

5 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

2 instruments

Companies Code
Sections 23, 25
Depositors. (2) This Act
Section 35

G–M

2 instruments

Ghana as a bank under the Banking Act
Section 9
its Regulations
Section 22

N–S

1 instrument

Securities Industry (Amendment) Act, 2000
Section 62

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