Companies Act 2014 section 1253

Application of section 94 to ULCs and PUCs

Section 1253 modifies how the rules on transferring shares apply to unlimited companies (ULCs) and public unlimited companies (PUCs), by requiring both the transferor and the transferee to execute the instrument of transfer.

• Section 94, which governs the transfer of shares and debentures, is extended to apply to ULCs and PUCs with a specific modification.
• The modification replaces subsection (2) of section 94 with an alternative version tailored to these company types.
• Under the substituted subsection, the instrument of transfer for any share must be executed by or on behalf of both the transferor and the transferee.
• This differs from the standard position under section 94, where execution by both parties may not always be required, ensuring a more formal transfer process for unlimited companies.