Prohibition to transfer shares in licensed alien company

(1) Where a licence has been granted under section 51 to an alien that is a company, it shall be an offence for any of the shares or stock in the same to be issued or transferred to another alien without the permission of the Minister expressed in writing. (2) It shall be an offence for any of the shares or stock in any company in which title to national land vests to be issued or 30 transferred to an alien so that the company is deemed to be under alien control in accordance with the provisions of section 48 without the permission of the Minister expressed in writing. (3) It shall be an offence for any of the shares or stocks in an alien company in which title to national land vests to be issued or transferred to an alien who is not already holding shares or stocks in the same company without the permission of the Minister expressed in writing. (4) Every director, manager or officer of the company who knowingly and willfully authorises or permits the issue or transfer of shares or stock contrary to the provisions of this section shall be liable upon conviction on indictment to a fine not exceeding five thousand dollars and the shares or stock the subject of the offence shall forthwith be forfeited to the State.