http://www.legislation.gov.uk/id/ukpga/2015/26/schedule/4/part/1

http://www.legislation.gov.uk/ukpga/2015/26/schedule/4/part/1/crossheading/expiry-of-right-to-surrender-and-applications-for-cancellation-of-outstanding-share-warrants/2016-07-04

Small Business, Enterprise and Employment Act 2015

An Act to make provision about improved access to finance for businesses and individuals; to make provision about regulatory provisions relating to business and certain voluntary and community bodies; to make provision about the exercise of procurement functions by certain public authorities; to make provision for the creation of a Pubs Code and Adjudicator for the regulation of dealings by pub-owning businesses with their tied pub tenants; to make provision about the regulation of the provision of childcare; to make provision about information relating to the evaluation of education; to make provision about the regulation of companies; to make provision about company filing requirements; to make provision about the disqualification from appointments relating to companies; to make provision about insolvency; to make provision about the law relating to employment; and for connected purposes.

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Statute Law Database

2024-05-18

Expert Participation

2016-07-04

SCHEDULES

SCHEDULE 4Abolition of share warrants to bearer

PART 1Arrangements for conversion and cancellation of existing share warrants

Expiry of right to surrender and applications for cancellation of outstanding share warrants

5

1

This paragraph applies in relation to a company which has issued a share warrant which has not been surrendered for cancellation before the end of the surrender period.

2

The company must, as soon as reasonably practicable and in any event before the end of the period of 3 months beginning with the day after the end of the surrender period, apply to the court for an order (referred to in this Schedule as a “cancellation order”) cancelling with effect from the date of the order—

a

the share warrant, and

b

the shares specified in it.

3

The company must give notice to the bearer of the share warrant of the fact that an application has been made under this paragraph before the end of the period of 14 days beginning with the day on which it is made; and the notice must include a copy of the application.

4

If a company fails to comply with sub-paragraph (2) or (3) an offence is committed by every officer of the company who is in default.

5

A company must, on making an application for a cancellation order, immediately give notice to the registrar.

6

If a company fails to comply with sub-paragraph (5) an offence is committed by—

a

the company, and

b

every officer of the company who is in default.