• 34. 34. Issue of certificates etc on allotment

    Section 707 applies to LLPs, modified so that it reads as follows —

    • 707. Duty of LLP as to issue of certificates etc on allotment

      (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 715).
      (3) If default is made in complying with subsection (1) a contravention of the Companies Regulations is committed by every member of the LLP who is in default.
      (4) A person who contravenes the Companies Regulations under subsection (3) is liable to a level 2 fine."