• 37. 37. Issue of certificates etc on transfer

    Section 714 applies to LLPs, modified so that it reads as follows —

    • 714. Duty of LLP as to issue of certificates etc on transfer

      (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 transfer duly stamped and otherwise valid 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 715).
      (4) 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.
      (5) A person who contravenes the Companies Regulations under subsection (4) is liable to a level 2 fine."