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 allotment U.K.

24.  Section 769 applies to LLPs, modified so that it reads as follows—

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

769.— (1) An LLP must, within two months after the allotment of any of its debentures or debenture stock, complete and have ready for delivery—

(a) the debentures allotted, or

(b) the certificates of the debenture stock allotted.

(2) 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 allotment to a financial institution (see section 778).

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