Companies Act 2006

F1778Issue of certificates etc: allotment or transfer to financial institutionU.K.
This section has no associated Explanatory Notes

(1)A company—

(a)of which shares or debentures are allotted to a financial institution,

(b)of which debenture stock is allotted to a financial institution, or

(c)with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged,

is not required in consequence of that allotment or transfer to comply with section 769(1) or 776(1) (duty of company as to issue of certificates etc).

(2)A “financial institution” means—

(a)a recognised clearing house [F2or a recognised CSD] acting in relation to a recognised investment exchange, or

(b)a nominee of—

(i)a recognised clearing house [F2or a recognised CSD] acting in that way, or

(ii)a recognised investment exchange,

designated for the purposes of this section in the rules of the recognised investment exchange in question.

(3)Expressions used in subsection (2) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000 (c. 8).

Textual Amendments

F1S. 778 amendment to earlier affecting provision S.I. 2009/1804, reg. 28 (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 33 (with regs. 7(4), 9(1))

Modifications etc. (not altering text)

C1S. 778 disapplied (retrospective to 30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. 2009/814), arts. 1(2), art. 3(5)(b)

C3S. 778 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), {regs. 3-5, Sch. 1 para. 12(1)(b)(2)} (with transitional provisions and savings in regs. 7, 9, Sch. 2)

C4S. 778 disapplied (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), arts. 1(2), 3, Sch. 1 para. 28(5)(c)