3. Penalties Under This Chapter
3.1 As per Article (165) of the Commercial Companies Law, if a Debt Securities certificate issued to its owner is lost or damaged, the owner whose name is registered in the issuer's register may request a new certificate instead of the lost or the damaged one. The owner shall publish the serial numbers of the lost or damaged certificates and its numbers in a local newspaper. If no objection is raised to the issuer within fifteen days from the date of publication, the issuer shall provide the owner with a new certificate indicating that it is instead of the lost or the damaged certificate. The new certificate shall confer upon its holder the same rights and shall entail the same obligations related to the lost or damaged certificates.
3.2 As per Article (166) of the Commercial Companies Law, whoever objects to the issue of a certificate instead of the lost or the damaged one referred to under 3.1 of this Chapter shall initiate his lawsuit before the competent court within fifteen days from the date of submitting his objection to the issuer, otherwise, his objection shall be deemed as non-existent. The court shall decide on the objection as quickly as possible.