(1) If the company refuses to register a transfer of any shares or debentures, the company shall, within 2 months after the date on which the transfer was lodged with the company, send to the transferee notice of the refusal.
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding £1,500.