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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 2009 - onwards
  Version 2 of 2    

Regulation 24 Issue of certificates etc on allotment

Section 769 applies to LLPs, modified so that it reads as follows -

"769. Duty of LLP as to issue of certificates etc on allotment

(1) An LLP must, within two months after the allotment of any of its debentures or debenture stock, complete and have ready for delivery -

(a) the debentures allotted, or

(b) the certificates of the debenture stock allotted.

(2) 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 allotment to a financial institution (see section 778).

(3) If default is made in complying with subsection (1) an offence is committed by every member of the LLP 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.".

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