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Small Business, Enterprise and Employment Act 2015
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5(1)This paragraph applies in relation to a company which has issued a share warrant which has not been surrendered for cancellation before the end of the surrender period.U.K.
(2)The company must, as soon as reasonably practicable and in any event before the end of the period of 3 months beginning with the day after the end of the surrender period, apply to the court for an order (referred to in this Schedule as a “cancellation order”) cancelling with effect from the date of the order—
(a)the share warrant, and
(b)the shares specified in it.
(3)The company must give notice to the bearer of the share warrant of the fact that an application has been made under this paragraph before the end of the period of 14 days beginning with the day on which it is made; and the notice must include a copy of the application.
(4)If a company fails to comply with sub-paragraph (2) or (3) an offence is committed by every officer of the company who is in default.
(5)A company must, on making an application for a cancellation order, immediately give notice to the registrar.
(6)If a company fails to comply with sub-paragraph (5) an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
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