Companies Act 2014 section 1087N

Disapplication of certain provisions to applicable securities

Section 1087N sets out which provisions of the Companies Act 2014 are disapplied — that is, do not apply — when securities have been dematerialised and are held in electronic form as "applicable securities".

• The requirement under section 67(3) for shares to each have a distinguishing number does not apply to applicable securities.
• The obligation under section 99 to issue share certificates for shares or debentures that have been allotted or transferred does not apply to applicable securities.
• The rules under section 1017 regarding the use of an official seal for sealing securities issued by a PLC, and documents creating or evidencing such securities, do not apply to applicable securities.
• The detailed provisions in subsections (4) to (8) of section 1019, which deal with shares transferable by delivery and certain letters of allotment, do not apply to applicable securities.