Extracts from Companies Act 2006 and other statutory provisions
776 Duty of company as to issue of certificates etc on transfer
- A company must, within two months after the date on which a transfer of any of its shares, debentures or debenture stock is lodged with the company, complete and have ready for delivery -
- the certificates of the shares transferred,
- the debentures transferred, or
- the certificates of the debenture stock transferred.
- For this purpose a "transfer" means -
- a transfer duly stamped and otherwise valid, or
- an exempt transfer within the Stock Transfer Act 1982 (c.41),
- but does not include a transfer that the company is for any reason entitled to refuse to register and does not register.
- Subsection (1) does not apply -
- if the conditions of issue of the shares, debentures or debenture stock provide otherwise,
- in the case of a transfer to a financial institution (see section 778), or
- in the case of a transfer of shares if, following the transfer, the company has issued a share warrant in respect of the shares (see section 779).
- Subsection (1) has effect subject to section 777 (cases where the Stock Transfer Act 1982 applies).
- If default is made in complying with subsection (1) an offence is committed by every officer of the company who is in default.
- A person guilty of an offence under this section 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.