Clause 107

Every company shall within two months after the allotment of any of its shares or debentures, and within one month after the date on which a transfer (other than such a transfer as the company is for any reason entitled to refuse to register and does not register) of any of its shares or debentures is lodged with the company, complete and have ready for delivery all the appropriate certificates and debentures in connexion with the allotment or transfer.[U.K.s. 80.][Aust. s. 99.]

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.

If any company on which a notice has been served requiring the company to make good any default in complying with the provisions of this section fails to make good the default within ten days after the service of the notice, the Court may, on the application of the person entitled to have the certificates or the debentures delivered to him, make an order directing the company and any officer of the company to make good the default within such time as is specified in the order, and the order may provide that all costs of and incidental to the application shall be borne by the company or by any officer of the company in default in such proportions as the Court thinks fit.