Indigenisation and Economic Empowerment Act updated as at 8th May 2015 Holders entitled to recognition 24. The holder of a certificates shall be the only person recognised by the Board or by the managers as having any right in such certificate and the Board and the managers shall recognise such unit holder as the absolute owner thereof and shall not be bound by any notice to the contrary save those expressly provided in this Schedule, or as by the order of any court of competent jurisdiction. Units held by Board 25. The Board shall be deemed to be the holder of each unit during such time as there is no other person entitled to be regarded as the registered holder of the unit. Exchange or replacement of certificates 26.1 Subject to the provisions of this Schedule and in particular to the limitations of the denominations of certificates set out in paragraph 22 and subject to any regulations from time to time made by the managers in consultation with the Board, every unit holder may exchange any or all of his or her certificates for one or more of such denominations as he or she may require representing the same aggregate number of units. Before any such exchange is carried out the unit holder may surrender to the Board the certificate or certificates to be exchange and shall pay to the Board all moneys payable hereunder in respect of the issue of the new certificate or certificates. 26.2 Where any certificate becomes mutilated or defaced, the Board in its discretion may issue to the unit holder, against surrender to the Board of the mutilated or defaced certificate, a new certificate representing the same aggregate number of units. 26.3 Where any certificate is lost, stolen or destroyed, the Board may in its discretion issue to the unit holder a new certificate in lie thereof. 26.4 No such new certificate shall be issued unless the applicant has provided the following: 26.4.1 furnished to the managers and the Board evidence satisfactory to them of the mutilation, defacement, loss, theft or destruction of the original certificate; 26.4.2 paid all expenses incurred in connection with the investigation of the facts; 26.4.3 in the case of defacement or mutilation, produced and surrendered to the Board the defaced or mutilated certificate; 26.4.4 if so required by the managers or the Board furnished to the managers or the Board such indemnity as the managers or the Board may require. Neither the managers nor the Board shall incur any liability for any action which they may take in good faith under the provisions of this subparagraph. Registration of holders 27.1 A register of the unit holders shall be kept, subject to the control of the Board, by the managers who shall enter in the register : 27.1.1 the names and addresses of the unit holders; 27.1.2 the number of units held by every such person and the distinctive number of the certificate or certificates; - 32 -