Registration of allotment
513. 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) If a company fails to comply with this section, a contravention of these Regulations is committed by—(a) the company, and(b) every officer of the company who is in default.(3) A person who commits a contravention of this section is liable to a level 2 fine.(4) For the company's duties as to the issue of share certificates etc, see Part 20 (certification and transfer of securities).
514. Return of allotment by limited company(1) This section applies to a company limited by shares, but shall not apply to a restricted scope company.(2) The company must, within 28 days of making an allotment of shares, deliver to the Registrar for registration a return of the allotment.(3) The return must—(a) contain the prescribed information, and(b) be accompanied by a statement of capital.(4) The statement of capital must state with respect to the company's share capital at the date to which the return is made up—(a) the total number of shares of the company,(b) the aggregate issue price of those shares,(c) for each class of shares—(i) prescribed particulars of the rights attached to the shares,(ii) the total number of shares of that class, and(iii) the aggregate issue price of shares of that class, and(d) the amount paid up and the amount (if any) unpaid on each share.
515. Return of allotment by unlimited company allotting new class of shares(1) This section applies to an unlimited company that allots shares of a class with rights that are not in all respects uniform with shares previously allotted.(2) The company must, within one month of making such an allotment, deliver to the Registrar for registration a return of the allotment.(3) The return must contain the prescribed particulars of the rights attached to the shares.(4) For the purposes of this section shares are not to be treated as different from shares previously allotted by reason only that the former do not carry the same rights to dividends as the latter during the 12 months immediately following the former's allotment.
516. Offence of failure to make return(1) If a company makes default in complying with—(a) section 514 (return of allotment of shares by limited company), or(b) section 515 (return of allotment of new class of shares by unlimited company),a contravention of these Regulations is committed by every officer of the company who is in default.(2) A person who commits a contravention as described in subsection (1) is liable to a level 2 fine.(3) In the case of default in delivering to the Registrar within 28 days after the allotment the return required by section 514 or 515—(a) any person liable for the default may apply to the Court for relief, and(b) the Court, if satisfied—(i) that the omission to deliver the document was accidental or due to inadvertence, or(ii) that it is just and equitable to grant relief,may make an order extending the time for delivery of the document for such period as the Court thinks proper.
517. When shares are allotted
For the purposes of these Regulations shares in a company are taken to be allotted when a person acquires the unconditional right to be included in the company's register of members in respect of the shares.
518. Provisions about allotment not applicable to shares taken on formation
The provisions of this Chapter have no application in relation to the taking of shares by the initial shareholders on the formation of the company.