709. Procedure On Transfer Being Lodged

(1) When a transfer of shares in or debentures of a company has been lodged with the company, the company must either-
(a) register the transfer, or
(b) give the transferee notice of refusal to register the transfer, together with its reasons for the refusal,
as soon as practicable and in any event within two months after the date on which the transfer is lodged with it.
(2) If the company refuses to register the transfer, it must provide the transferee with such further information about the reasons for the refusal as the transferee may reasonably request.
This does not include copies of minutes of meetings of directors.
(3) 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.
(4) A person who contravenes these Regulations under subsection (3) is liable to a level 2 fine.
(5) This section does not apply in relation to transmission of shares or debentures by operation of law.