C5C1C4Part 21Certification and transfer of securities

Annotations:
Modifications etc. (not altering text)
C5

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

C1

Pt. 21 applied (with modifications) (8.00 a.m. on 29.9.2008) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 4(7)

Chapter 1Certification and transfer of securities: general

Issue of certificates etc on allotment

C2C3769Duty of company as to issue of certificates etc on allotment

1

A company must, within two months after the allotment of any of its shares, debentures or debenture stock, complete and have ready for delivery—

a

the certificates of the shares allotted,

b

the debentures allotted, or

c

the certificates of the debenture stock allotted.

2

Subsection (1) does not apply—

a

if the conditions of issue of the shares, debentures or debenture stock provide otherwise,

b

in the case of allotment to a financial institution (see section 778), or

c

in the case of an allotment of shares if, following the allotment, the company has issued a share warrant in respect of the shares (see section 779).

3

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

4

A person guilty of an offence under subsection (3) 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.