714. Duty of company as to issue of certificates etc on transfer

(1) A company must, within two (2) months after the date on which a transfer of any of its shares or debentures is lodged with the company, complete and have ready for delivery—
(a) the certificates of the shares transferred, or
(b) the debentures transferred.
(2) For this purpose a "transfer" means a transfer duly stamped and otherwise valid 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 or debentures provide otherwise, or
(b) in the case of a transfer to a financial institution (see section 715).
(4) If default is made in complying with subsection (1) a contravention of these Regulations is committed by every officer of the company who is in default.
(5) A person who contravenes these Regulations under subsection (4) is liable to a level 2 fine.