714. Duty Of Company As To Issue Of Certificates Etc On Transfer
Past version: effective from 29/04/2020 - 28/04/2020
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(1) A company must, within two months after the date on which a transfer of any of its shares or debentures is lodged with the company, complete and have ready for delivery-
(a) the certificates of the shares transferred, or
(b) the debentures transferred.
(2) For this purpose a “transfer” means a transfer duly stamped and otherwise valid but does not include a transfer that the company 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 shares or debentures provide otherwise, or
(b) in the case of a transfer to a infrastructure body (see section 715).
(4) If default is made in complying with subsection (1) a contravention of these Regulations is committed by every officer of the company who is in default.
(5) A person who contravenes these Regulations under subsection (4) is liable to a level 2 fine.