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The Uncertificated Securities Regulations 1992
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- UK Statutory Instruments
- 1992 No. 225
- PART IX
- Regulation 74
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Securities: conversion into, and issue in, uncertificated form
74.—(1) A company may, in accordance with this Part of these Regulations, convert the units of any certificated security of the company in issue into an uncertificated security or may issue units of a security in uncertificated form.
(2) A company may not, however, so convert or issue any shares of the company if:
(a)they are not fully paid up as to the nominal value thereof and the whole of any premium thereon; or
(b)they are numbered.
(3) For the purposes of this Part of these Regulations, an “enabling resolution” is a special resolution passed by the company authorising the conversion of any securities of the company into uncertificated form and, where units of any security (existing or future) are at any time to be issued by the company, their issue in such form rather than certificated form, should the directors of the company think fit.
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