The Registrar finalizes the list of eligible allottees after deleting the invalid applications and ensures that

the corporate action for crediting of shares to the demat accounts of the applicants is done and the dispatch of refund orders to those applicable are sent. The Lead manager coordinates with the Registrar to ensure follow up so that that the flow of applications from collecting bank branches, processing of the applications and other matters till the basis of allotment is finalized, dispatch security certificates and refund orders completed and securities listed.
Registrars to an Issue and Share Transfer Agents Registrars to an issue (RTI) and share transfer agents (STA) are registered with SEBI in terms of the SEBI (Registrar to the Issue and Share Transfer Agent) Rules and Regulations, 1993. Under these regulations, registration commenced in 1993-94 and is granted under two categories: category I - to act as both registrar to the issue and share transfer agent and category II - to act as either registrar to an issue or share transfer agent. With the setting up of the depository and the expansion of the network of depositories, the traditional work of registrars is likely to undergo a change.

The basic function of the transfer agent is to maintain accurate records of shareholders and of creditors holding registered debt securities. The registrar must maintain accurate records of the number of shares authorized and outstanding, and the amount of debt actually owed and represented by debt securities. The SEC's rules seek to ensure the accuracy of securityholder records and require that there be an accurate posting to keep the records current. The minimum records that must be kept are the "master securityholder file," representing the stockholder ledger on which the transfer agent records the "certificate detail" for each security and the "control book," kept by the registrar, which shows the total number of shares authorized and outstanding on the principal dollar amount of debt authorized and issued. Should an overissue of equity securities occur, the issue will be absolutely void and cannot be validated. The remedy of a holder of an overissued security against the issuer is limited to compelling the purchase of an identical security in the open market, or to demand the payment of damages. The holder of an overissued security may also claim that the transfer agent or registrar breached the warranty that the security is genuine and that there are reasonable grounds to believe that the security was within the amount the issuer is authorized to issue. The transfer agent is obligated to buyin such securities arises when a record difference remains unreconciled for a period of thirty days from its discovery and is imposed on the transfer agent that actually caused the overissue.

The Rules defines a Registrar to an Issue as under:"Registrar to an Issue" means the person appointed by a body corporate or any person or group of persons to carry on the following i. ii. collecting applications from investors in respect of an issue; keeping a proper record of applications and monies received from investors or paid to the seller of the securities. and

iii.

assisting body corporate or person or group of persons ina. determining the basis of allotment of securities in consultation with the stock exchange; b. finalising of the list of persons entitled to allotment of securities; c. processing and despatching allotment letters, refund orders or certificates and other related documents in respect of the issue.

The term "Share Transfer Agent" is defined as under:"Share Transfer Agent" meansi. any person, who on behalf of any body corporate maintains the record of holders of securities issued by such body corporate and deals with all matters connected with the transfer and redemption of its securities. a department or division (by whatever name called) of a body corporate performing the activities referred in sub-clause (i) if, at any time the total number of the holders of securities issued exceed one lakh.

ii.

General Obligations and Responsibilities of Registrar to an Issue & Transfer Agent (Regulation 13) 1. Every registrar to an issue and share transfer agent holding a certificate shall at all times abide by the Code of Conduct as specified in Schedule III. 2. No registrar to an issue shall act as such registrar for any issue of securities in case he or it is an associate of the body corporate issuing the securities (Regulation 13A). Explanation: For the purpose of this regulation, a registrar to an issue or the body corporate as the case may be shall be deemed to be an associate of the other where a. he or it controls directly or indirectly not less than 10 percent of the voting power of the body corporate or of the registrar to an issue, as the case may be; or, b. he or any of his relative is a director of the body corporate or of the registrar to an issue, as the case may be 3. To maintain proper books of accounts and records, etc. (Regulation 14) 1. ) Every registrar to an issue and share transfer agent being a body corporate shall keep and maintain the following books of accounts and documents in respect of three preceding financial years, namely:-

a. in relation to registrar to an issue and share transfer agent being a body corporate i. a copy of balance sheet and profit and loss account as specified in sections 211 and 212 of the Companies Act, 1956 (1 of 1956); ii. a copy of the auditor's report referred to in section 227 of the Companies Act, 1956 (1 of 1956); iii. a statement of capital adequacy requirements for each quarter. b. in relation to registrar to an issue and share transfer agent not being a body corporate i. all sums of money received and expended by them and the matters in respect of which the receipt and expenditure take place; ii. their assets and liabilities; and iii. a statement of capital adequacy requirements for each quarter. 2. ) Every registrar to an issue shall also maintain the following records with respect to:a. all the applications received from investors in respect of an issue; b. all applications of investors rejected and reasons therefor; c. basis of allotment of securities to the investors as finalised in consultation with the stock exchange; d. terms and conditions of purchase of securities; e. allotment of securities; f. list of names of allottees and non-allottees of the securities; g. refund orders despatched to investors in respect of application monies received from them in response to an issue; h. such other records as may be specified by the Board for carrying on the activities as registrars to an issue. 3. ) Every share transfer agent shall maintain the following records in respect of a body corporate on whose behalf he is carrying on the activities as share transfer agent namely:a. list of holders of securities of such body corporate; b. the names of transferor and transferee and the dates of transfer of securities; c. such other records as may be specified by the Board for carrying out the

4. ) Every registrar to an issue or share transfer agent shall intimate the Board the place where the books of accounts, records and documents are maintained. 5. ) Without prejudice to sub- regulation (1), every registrar to an issue and share transfer agent shall, after the close of each financial year as soon as possible but not later than six months from the close of the said period furnish to the Board if so required copies of the balance sheet, profit and loss account, statement of capital adequacy requirement and such other documents as may be required by the Board under regulation 14. Appointment of a Compliance Officer (Regulation15A) 1. Every registrar to an issue and share transfer agent shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions etc. issued by the Board or the Central Government and for redressal of investors' grievances. 2. the compliance officer shall immediately and independently report to the Board any non-compliance observed by him. Supervisory & Regulatory Powers of SEBI 1. Board's Power & Procedure for Inspection - As per Chapter IV of the Regulations 2. Procedure for Action in Case Of Default - As per Chapter- V of the Regulations CODE OF CONDUCT (Schedule III) 1. A registrar to issue and share transfer agent shall maintain high standards of integrity and fairness in all their dealings with their clients and other registrars to issue and share transfer agents in the conduct of their business. 2. A registrar to issue and share transfer agent shall act with due skill, diligence and care in the conduct of all their activities. 3. A registrar to issue and share transfer agent shall not indulge in unfair competition, which is likely to be harmful to the interests of other registrars to issue and share transfer agents or is likely to place such other registrars to issue and share transfer agents in a disadvantageous position in relation to the registrar to issue and share transfer agent, while completing for or executing any assignment.

4. A registrar to issue and share transfer agent shall not make any exaggerated statement, whether oral or written , to the clients either about their qualifications or capability to render certain services or their achievements in regard to services rendered to other clients. 5. A registrar to issue and share transfer agent shall not divulge to other clients, press or any other party any confidential information about their clients, which have come their knowledge. 6. A registrar to issue and share transfer agent shall endeavour to ensure thata. inquiries from investors are adequately dealt with. b. Adequate steps are taken for proper allotment of securities and refund of application monies without delay as per the law. 7. A registrar to issue and share transfer agent shall not generally and particularly in respect of any dealings in securities be party to a. creation of false market; b. price rigging or manipulation; c. passing of unpublished price sensitive information to brokers, members of the stock exchanges and other intermediaries in the securities market or take any other action which is not in the interest of the investors. d. no registrar to issue and share transfer agent or any of its directors, partners or manager having the management of the whole or substantially the whole of affairs of their business shall either or their respective accounts or through their associates or family members, relatives or friends indulge in any insider trading. 8. (a) A registrar to issue and share transfer agent or any of his employees shall not render, directly or indirectly, any investment advice about any security in the publicly accessible media, whether real-time or non realtime unless a disclosure of his interest including long or short position in the said security has been made, while rendering such advice. 8. (b) In case, an employee of the registrar to issue and share transfer agent is rendering such advice, he shall also disclose the interest of his dependent family members and the employer including their long or short position in the said security, while rendering such advice. Conditions for Grant or Renewal of Certificate (Rule 4) (1) The Board may grant or renew a certificate to a registrar to an issue or a share transfer agent subject to the following conditions namely;

a. in case of any change in the status and constitution, it or he shall obtain prior permission of the Board to continue to act as registrar to an issue or share transfer agent; b. without prejudice to the obligations under any other law the registrar to an issue or share transfer agent, shall enter into a valid agreement with the body corporate or the person or group of persons for or on whose behalf he is buying or selling or dealing in securities as a registrar to an issue or as a transfer agent and the said agreement amongst other things may define the allocation of duties and responsibilities between him and such body corporate or persons or group of persons, as the case may be; c. he pays the amount of fees for registration in the manner provided in the regulations; d. he maintains capital adequacy requirements specified in the regulations at all times during the period of the certificate or renewal thereof; e. he shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaints and he shall keep the Board informed about the number, nature and other particulars of the complaints received and the manner in which such complaints have been redressed. 1. An applicationto SEBI by a registrar to an issue or a share transfer agent for grant of a certificate shall be made to the Board in Form A as provided in the Schedules to the Regulations [Regulation 3 (1)] 2. The application under sub- regulation (1) may be made for any of the following categories, namely :a. Category I : to carry on the activities as a registrar to an issue and share transfer agent; b. Category II : to carry on the activity either as a registrar to an issue or as a share transfer agent; Minimum Requirements for Consideration of application (Regulation 6) The Board shall take into account for considering the grant of a certificate all matters which are relevant to the activities and in particular the following, namely, whether the applicanta. has the necessary infrastructure like adequate office space, equipments and man- power to effectively discharge his activities; b. has any past experience in the activities;

c. or any person directly or indirectly connected with him has not been granted registration by the Board under the Act; d. fulfils the capital adequacy requirement specified in regulation 7; e. is subjected to any disciplinary proceedings under the Act; f. or any of its director, partner or principal officer is or has at any time been convicted for any offence involving moral turpitude or has been found guilty of any economic offence. g. is a fit and proper person

SECURITIES AND EXCHANGE BOARD OF INDIA (REGISTRARS TO AN ISSUE AND SHARE TRANSFER AGENTS) (AMENDMENT) REGULATIONS, 2011 No. LAD-NRO/GN/2011-12/11/21228 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, namely:1. These Regulations may be called the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2011. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In regulation 2, in clause (ba), the words registration granted or renewed shall be substituted with the words initial or permanent registration granted. 4. In regulation 3, (i) in the marginal note, after the word certificate the words of initial registration shall be inserted; (ii) in sub-regulation (1), after the word certificate and before the words shall be made the words of initial registration shall be inserted. 5. Regulation 8 shall be substituted with the following, namely: 8. Grant of certificate of initial registration. (1) The Board, on being satisfied that the applicant is eligible, shall send an intimation to the applicant mentioning the category for which the applicant has been found eligible for the grant of certificate of initial registration and grant a certificate in Form B. (2) The certificate of initial registration granted under sub-regulation (1) shall be valid for a period of five years from the date of its issue to the applicant. (3) The registrar to an issue or share transfer agent, who has already been granted a certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Registrars to an Issue and Share transfer Agents) (Amendment) Regulations, 2011, and has not completed a period of three years, shall be deemed to have been granted a certificate of initial registration for a period of five years from the date of its certificate of registration, subject to payment of fee for the remaining period of two years, as prescribed under Schedule II of these regulations. (4) The grant of certificate of initial registration shall be subject to payment of fee specified in regulation 12. 6. After regulation 8, a new regulation shall be inserted, namely:8A. Grant of certificate of permanent registration. (1) The registrar to an issue or share transfer agent who has been granted or deemed to have been granted a certificate of initial registration under regulation 8, may, three months before the expiry of the period of certificate of initial registration, make an application for grant of certificate of permanent registration in Form A. (2) The registrar to an issue or share transfer agent who has already been granted a certificate of registration by the Board and has completed a period of five years, on the date of commencement of the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2011, may, three months before the expiry of validity of certificate of registration, or before, make an application for grant of a certificate of permanent registration in Form A. (3) An application under sub-regulation (1) or sub-regulation (2) shall be accompanied by a non-refundable application fee as specified in Schedule II of these regulations. (4) The application for grant of a certificate of permanent registration shall be accompanied by details of the changes that have taken place in the information that was submitted to the Board while seeking initial registration or renewal, as the case may be, and a declaration stating that no changes other than those as mentioned in such details have taken place.

(5) The application for permanent registration made under sub-regulation (1) or (2) shall be dealt with in the same manner as if it were a fresh application for grant of a certificate of initial registration. (6) The Board, on being satisfied that the applicant is eligible, shall grant a certificate of permanent registration in Form B and shall send an intimation to the applicant. (7) The grant of certificate of permanent registration shall be subject to payment of fee specified in Schedule II of these regulations. 7. Regulation 9 shall be omitted. 8. In regulation 9A, in sub-regulation (1), (i) in the opening sentence the word registration shall be substituted with the words initial registration and the words and figure renewal granted under regulation 9 shall be substituted with the words and figure permanent registration granted under regulation 8A; (ii) in clause (c), the words registration or renewal shall be substituted with the words initial registration or permanent registration; (iii) in clause (d), the words certificate or renewal thereof shall be substituted with the words initial registration or permanent registration. 9. Regulation 9B shall be omitted. 10. In regulation 10, (i) in sub-regulation (1), the words and figures under regulation 3 or of renewal under regulation 9 shall be substituted with the words and figures of initial registration under regulation 3 or of permanent registration under regulation 8A; (ii) in sub-regulation (2), the words or renew the certificate shall be substituted with the words initial registration or permanent registration, as the case may be,. 11. Regulation 11 shall be substituted as follows, namely: 11. Effect of refusal to grant certificate of permanent registration. The registrar to an issue or share transfer agent, whose application for grant of a certificate of permanent registration has been refused by the Board, on and from the date of the receipt of the communication, shall not carry on any activity as a registrar to an issue or share transfer agent: Provided that the Board may, in the interest of investors in the securities market, permit the registrar to an issue or share transfer agent to carry on activities undertaken prior to the receipt of the intimation of refusal subject to such condition as the Board may specify. 12. In regulation 12, in sub-regulation (1), the words or renewal of a certificate shall be substituted with the words of initial or permanent registration, as the case may be,. 13. In Schedule I, (i) in Form A, (a) the word and figure Regulation 3 shall be substituted with the words, figures and sign Regulation 3/Regulation 8A; (b) the words and sign Application for Registration as Registrars to Issue or Share Transfer Agents or Both shall be substituted with the words and sign Application for Initial/ Permanent Registration as Registrars to Issue or Share Transfer Agents or Both. (ii) in Form B, (a) the word and figure Regulation 8 shall be substituted with the words, figures and sign Regulation 8/Regulation 8A; (b) the words Certificate of Registration shall be substituted with the words and sign Certificate of Initial/Permanent Registration; (c) paragraph III shall be substituted with the following, namely:III. This certificate of registration shall be valid from .. to . / for permanent, unless suspended or cancelled by the Board. 14. In Schedule II, (i) paragraph 1 shall be substituted with the following paragraphs, namely:1. Every registrar to an issue and share transfer agent, at the time of grant of certificate of initial registration, shall pay registration fee as specified below: (a) A registrar to an issue and share transfer agent falling under category I, as specified in sub-regulation (2) of regulation 3, shall pay fee of four lakh rupees; (b) A registrar to an issue and share transfer agent falling under category II, as specified in sub-regulation (2) of regulation 3, shall pay fee of one lakh thirty three thousand and three hundred rupees. 1A. A registrar to an issue and share transfer agent referred to under sub-regulation (3) of regulation 8 shall pay fee for the remaining period of two years on pro rata basis of the fee prescribed under paragraph 1AA, as applicable to their respective class. 1AA. A registrar to an issue and share transfer agent who has been granted a certificate of permanent registration, to keep its registration in force, shall pay registration fee, every three years from the sixth year from the date of grant of certificate of initial registration, or from completion of the period of renewed certificate of registration, as the case may be, as specified below:

(a) A registrar to an issue and share transfer agent falling under category I, as specified in sub-regulation (2) of regulation 3, shall pay a fee of one lakh and fifty thousand rupees; (b) A registrar to an issue and share transfer agent falling under category II, as specified in sub-regulation (2) of regulation 3, shall pay a fee of fifty thousand rupees. (ii) in paragraph 2, (a) after clause (a), a new clause shall be inserted, namely: (aa) The fee referred to in paragraph 1A shall be paid by the registrar to an issue and share transfer agent within a period of three months before completion of the period of three years from the date of grant of certificate of initial registration, or within a period of three months from the date of notification of these regulations, as the case may be. (b) clause (b) shall be substituted with the following, namely: (b) The fee referred to in paragraph 1AA shall be paid, at the time of grant of permanent registration, within fifteen days from the date of receipt of intimation from the Board and thereafter the fee shall be paid three months before expiry of the block for which fee has been paid.. (iii) in paragraph 2A, the words renewal of registration under sub-regulation (1A) of regulation 9 shall be substituted with the words permanent registration under sub-regulation (1) or sub-regulation (2) of regulation 8A. (iv) in paragraph 3, the word and figures 1 and 2A shall be substituted with the word and figures 1, 1A, 1AA and 2A.

Mumbai, the 7th September, 2006

SECURITIES AND EXCHANGE BOARD OF INDIA (REGISTRARS TO AN ISSUE AND SHARE TRANSFER AGENTS) (AMENDMENT) REGULATIONS, 2006

S.O No. 1452 (E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, namely :-

1. These Regulations may be called the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2006.

2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993:(i) in regulation 2

a.

clause (a) shall be renumbered as clause (aa) thereof, and before the clause so renumbered, the following clause shall be inserted, namely:(a) Act means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

b. in clause (aa) so renumbered, for the words under clauses (e) and (g) of rule 2 occurring at the end, the words under clauses (f) and (g) of regulation 2 shall be substituted; c. after clause (aa) the following clauses shall be inserted, namely:(b) body corporate shall have the meaning assigned to it in or under clause (7) of section 2 of the Companies Act, 1956 (1 of 1956); (ba) certificate means a certificate of registration granted or renewed by the Board under these regulations; (bb) change of status or constitution in relation to a registrar to an issue or a share transfer agent means any change in its status or constitution of whatsoever nature and includes (i) in case of a body corporate (A) amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force; (B) (C) change in its managing director or whole-time director; and any change in control over the body corporate;

(ii) any change between the following legal forms individual, partnership firm, Hindu undivided family, private company, public company, unlimited company or statutory corporation and other similar changes; (iii) in case of a partnership firm any change in partners not amounting to dissolution of the firm; (bc) change in control, in relation to a registrar to an issue or a share transfer agent being a body corporate, means:(i) if its shares are listed on any recognised stock exchange, change in control within the meaning of regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997; (ii) in any other case, change in the controlling interest in the body corporate;

Explanation: For the purpose of sub-clause (ii), the expression controlling interest means an interest, whether direct or indirect, to the extent of at least fifty one percent. of voting rights in the body corporate; d. after clause (d), the following clause shall be inserted, namely:(da) issue means an offer of sale or purchase of securities by any body corporate or by any other person or group of persons on his or its or their behalf, as the case may be, to or from the public, or the holders of securities of such body corporate or person or group of persons; e. for clauses (f) and (g), the following shall be substituted, namely:(f) registrar to an issue means the person appointed by a body corporate or any person or group of persons to carry on the following activities on its or his or their behalf: (i) collecting applications from investors in respect of an issue;

(ii) keeping a proper record of applications and monies received from investors or paid to the seller of the securities; and (iii) assisting body corporate or person or group of persons in:

(a) determining the basis of allotment of securities in consultation with stock exchange; (b) finalising list of persons entitled to allotment; (c) processing and dispatching allotment letters, refund orders or certificates and other related documents in respect of an issue; (g) share transfer agent means (i) any person, who on behalf of any body corporate, maintains the records of holders of securities issued by such body corporate and deals with all matters connected with the transfer and redemption of its securities; a department or division, by whatever name called, of a body corporate performing the activities referred in sub-clause (i) if at any time the total number of the holders of its securities issued exceed one lakh;

(ii)

f.

after clause (g), the following clause shall be inserted, namely:(ga) stock exchange means a stock exchange which is for the time being recognised by the Central Government or by the Board under section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

g.

in clause (h), the words and the rules occurring after the words defined in the Act and the words or the rules, as the case may be occurring at the end shall be omitted.

(ii) in regulation 3, after sub-regulation (1), the following sub-regulation shall be inserted, namely:(1A) An application for registration made under sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II. (iii) in regulation 9, after sub-regulation (1), the following sub-regulation shall be inserted, namely:(1A) An application for renewal made under sub-regulation (1) shall be accompanied by a non-refundable application fee as specified in Schedule II. (iv) after regulation 9, the following regulations shall be inserted, namely:-

Conditions of registration 9A. (1) Any registration granted under regulation 8 or any renewal granted under regulation 9 shall be subject to the following conditions, namely:(a) where a registrar to an issue or a share transfer agent proposes to change its status or constitution, it shall obtain prior approval of the Board for continuing to act as such after the change; (b) without prejudice to its obligations under any other law for the time being in force, it shall enter into a legally binding agreement with the body corporate or the person or group of persons for or on whose behalf it is acting as a registrar to an issue or a share transfer agent stating therein the allocation of duties and responsibilities between itself and such body corporate or person or group of persons, as the case may be; (c) it shall pay the fees for registration or renewal, as the case may be, in the manner provided in these regulations; (d) it shall maintain capital adequacy requirements specified in regulation 7 at all times during the period of the certificate or renewal thereof; (e) it shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received and the manner in which such complaints have been redressed; (f) it shall abide by the regulations made under the Act in respect of the activities carried on by it as a registrar to an issue or a share transfer agent. (2) Nothing contained in clause (a) of sub-regulation (1) shall affect the obligation to obtain a fresh registration under section 12 of the Act in cases where it is applicable. Period of validity of certificate 9B. The certificate of registration granted under regulation 8 and its renewal granted under regulation 9, shall be valid for a period of three years from the date of its issue. (v) in Schedule II

a.

in paragraph 1 (i) in sub-paragraph (a), for the words and figures Rs.50,000/-, the words three lakh rupees shall be substituted and for the words and figures Rs.40,000/-, the words one lakh and fifty thousand rupees shall be substituted; (ii) in sub-paragraph (b), for the words and figures Rs.30,000/-, the words one lakh rupees shall be substituted and for the words and figures Rs.25,000/-, the words fifty thousand rupees shall be substituted;

b. after paragraph 2, the following paragraph shall be inserted, namely:2A. The non-refundable fee payable along with an application for registration under sub-regulation (1A) of regulation 3 or an application for renewal of registration under sub-regulation (1A) of regulation 9 shall be a sum of ten thousand rupees. c. in paragraph 3, for the word and figure paragraph 1 the words and figures paragraphs 1 and 2A shall be substituted

The Board of Directors may make such rules and regulations as it may deem expedient concerning the issuance and transfer of certificates for shares of the stock of the Corporation, may appoint transfer agents or registrars, or both, and may require all certificates of stock to bear the signature of either or both. Nothing herein shall be construed to prohibit the Corporation from acting as its own transfer agent at any of its offices.

4. 5.

3. This excerpt taken from the DENN 8-K filed Nov 17, 2008. SECTION 4. REGULATIONS, TRANSFER AGENTS AND REGISTRARS. The Board of Directors may make such rules and regulations as it may deem expedient concerning the issuance and transfer of certificates for shares of the stock of the Corporation, may appoint transfer agents or registrars, or both, and may require all certificates of stock to bear the signature of either or both. Nothing herein shall be construed to prohibit the Corporation from acting as its own transfer agent at any of its offices.