New Clause 271

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Duty of company as to issue of certificates on surrender of share warrant

‘(1) A company must, within two months of the surrender of a share warrant for cancellation, complete and have ready for delivery the certificates of the shares specified in the warrant.

(2) Subsection (1) does not apply if the company’s articles provide otherwise.

(3) If default is made in complying with subsection (1) an offence is committed by every officer of the company who is in default.

(4) A person guilty of an offence under subsection (3) 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.’.—[Margaret Hodge.]

Brought up, and added to the Bill.