Section 554 | Registration of allotment

(1)A company must register an allotment of shares as soon as practicable and in any event within two months after the date of the allotment.

(2)This does not apply if the company has issued a share warrant in respect of the shares (see section 779).

(2A)Repealed^F1

(3)If a company fails to comply with this section, an offence is committed by—

(a)the company, and

(b)every officer of the company who is in default.

(4)A person guilty of an offence under this section 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.

(5)For the company's duties as to the issue of share certificates etc, see Part 21 (certification and transfer of securities).