714. Duty of LLP as to issue of certificates etc on transfer
Past version: effective from 21/10/2015 - 20/10/2015
To view other versions open the versions tab on the right
(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."