12.1 CERTIFICATED OR UNCERTIFICATED
Any securities issued by a company are either certificated or uncertificated.
In Section 49(2), the certificated security means that it is a security or share that is evidence by certificate whereas an uncertificated security are defined as securities that are not evidenced by a certificate or a written instrument and these are transferable by entry without a written instrument. Securities can only be traded on the JSE if they are uncertificated. Section 49(3)(a) specifies that the rights and obligations of security holders are not different according to whether they are certificated or uncertificated except where it expressly provides otherwise.