(1) A company must, within two months after the date on which a transfer of any of its shares, debentures or debenture stock is lodged with the company, complete and have ready for delivery—
(a) the certificates of the shares transferred,
(b) the debentures transferred, or
(c) the certificates of the debenture stock transferred.
(2) For this purpose a “transfer” means—
(a) a transfer duly stamped and otherwise valid, or
(b) an exempt transfer within the Stock Transfer Act 1982 (c 41),
but does not include a transfer that the company is for any reason entitled to refuse to register and does
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