Companies Act 2014 section 101D

Disapplication of certain provisions to applicable securities

Section 101D removes the requirement for physical share certificates and related transfer procedures when securities are held in dematerialised (electronic) form.

• Certain subsections of Section 99 (which deals with share certificates and share transfers) do not apply to applicable securities.
• The disapplied provisions are subsections (2), (3), (4), (5) and (9) of Section 99.
• These subsections cover obligations around issuing physical share certificates and processing paper-based share transfers.
• This disapplication reflects the fact that dematerialised securities exist in electronic form and do not require traditional paper-based documentation.