(1) A company must, within two months after the allotment of any of its shares, debentures or debenture stock, complete and have ready for delivery -
(a) the certificates of the shares allotted,
(b) the debentures allotted, or
(c) the certificates of the debenture stock allotted.
(2) Subsection (1) does not apply -
(a) if the conditions of issue of the shares, debentures or debenture stock provide otherwise,
(b) in the case of allotment to a financial institution (see section 778), or
(c) in the case of an allotment of shares if, following the allotment, the company has issued a share warrant in respect of the shares (see section 779).
(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 le
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