Section 8. Options to receive security certificate or hold securities with depository.

(1) Every person subscribing to securities offered by an issuer shall have the option either to receive the security certificates or hold securities with a depository. (2) Where a person opts to hold a security with a depository, the issuer shall intimate such depository the details of allotment of the security, and on receipt of such information the depository shall enter in its records the name of the allottee as the beneficial owner of that security.