The provisions contained in Section 134 of Contract Law, are mandatory, and cannot be excluded or restricted by contract or any other arrangement. In so far, any contractual provision in a pledge agreement, intends to exclude or limit, such an obligation of the pledgee to give reasonable notice to pledgor, is void and unenforceable. Any sale of the pledged shares by the pledgee, without compliance to Section 134 of Contract Law CAP. 149, constitutes a conversion of the pledged shares by the pledgee, exposing him to liability for damages etc.