PART 4Protected Cell Companies
CHAPTER 9Shares and shareholders
SECTION 3Share certificates
Share certificates110
1
A protected cell company must prepare share certificates in accordance with this regulation except where—
a
the protected cell company’s instrument of incorporation states that share certificates will not be issued and contains provisions as to other procedures for evidencing a person’s entitlement to shares; or
b
a person has indicated to the protected cell company in writing that the person does not wish to receive a share certificate.
2
A protected cell company must prepare share certificates in respect of—
a
any new shares issued on behalf of the core or a cell;
b
shares transferred by a transferor to the transferee;
c
shares retained by a person transferring part of a shareholding to a transferee;
d
shares for which a certificate has already been issued but where it appears to the protected cell company that the share certificate needs to be replaced as a result of it having been lost, stolen, destroyed or having become damaged or worn out.
3
A protected cell company must ensure that share certificates prepared in accordance with paragraph (1) are ready for delivery before the end of a period of 2 months beginning with the following day—
a
b
4
Certificates need to be prepared in the circumstances referred to in sub-paragraphs (c) and (d) of paragraph (2) only if the protected cell company has received—
a
a request for a new certificate;
b
the old certificate (if there is one);
c
such indemnity as the protected cell company may require; and
d
such reasonable sum as the protected cell company may require in respect of the expenses incurred by it in complying with the request.