The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 No. 1804

PART 7 U.K. CERTIFICATION AND TRANSFER OF DEBENTURES

Issue of certificates etc on transfer U.K.

27.  Section 776 applies to LLPs, modified so that it reads as follows—

“Duty of LLP as to issue of certificates etc on transfer

776.— (1) An LLP must, within two months after the date on which a transfer of any of its debentures or debenture stock is lodged with the LLP, complete and have ready for delivery—

(a) the debentures transferred, or

(b) the certificates of the debenture stock transferred.

(2) For this purpose a “transfer” means—

(a) a transfer duly stamped and otherwise valid, or

(b) an exempt transfer within the Stock Transfer Act 1982 (c. 41),

but does not include a transfer that the LLP is for any reason entitled to refuse to register and does not register.

(3) Subsection (1) does not apply—

(a) if the conditions of issue of the debentures or debenture stock provide otherwise, or

(b) in the case of a transfer to a financial institution (see section 778).

(4) If default is made in complying with subsection (1) an offence is committed by every member of the LLP who is in default.

(5) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.”.