Companies Act 2014 section 1193

Uncertificated transfer of securities

Section 1193 extends the rules governing uncertificated transfer of securities, originally set out for public limited companies, so that they also apply to companies limited by guarantee.

• The rules on uncertificated securities transfers that apply to PLCs also apply to CLGs
• Uncertificated securities are those where ownership is recorded electronically rather than through physical share certificates
• Proof of ownership is maintained in the records of the transfer agent that handled the purchase transaction
• Sections 1085 to 1087 (covering written transfers, instrument requirements, and supplemental provisions) apply equally to CLG securities