Section 741

A company must register an allotment of debentures as soon as practicable and in any event within two months after the date of the allotment. If a company fails to comply with this section, an offence is committed by— the company, and every officer of the company who is in default. 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. For the duties of the company as to the issue of the debentures, or certificates of debenture stock, see Part 21 (certification and transfer of securities)

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Source: legislation.gov.uk · retrieved 2026-09-04