Clause 105

If a company refuses to register a transfer of any shares debentures or other interests in the company it shall, within one month after the date on which the transfer was lodged with it, send to the transferor and to the transferee notice of the refusal.[U.K.s. 78.][Aust. s. 97.]

If default is made in complying with this section the company and every officer of the company who is in default shall be guilty of an offence under this Act, and shall be liable on conviction to a fine not exceeding two hundred and fifty dollars and also to a default penalty.