(1) 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 -
(a) the certificates of the shares transferred,
(b) the debentures transferred, or
(c) the certificates of the debenture stock transferred.
(2) For this purpose a "transfer" means -
(a) a transfer duly stamped and otherwise valid, or
(b) 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.
(3) 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 a transfer to a financial institution (see section 778), or
(c) 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).
(4) Subsection (1) has ef
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