Issue of share certificates in the new name

M wrking with a Pvt. Ltd. It has chaged its name. now i want to know if a shareholders applies with the Co. for transfer of his share, whether after giving effect to the transfer Co. is required to cancel the share certificate in the old name and issue the new one with the changed name of the company

                                OR

it should make the change of name on the same share certificate by pasting it over the old name.

In anticipation

Regards,

Poonam