Companies Act 2014 section 1256

Uncertificated transfer of securities

Section 1256 extends the rules on uncertificated transfer of securities, originally set out for Public Limited Companies, so that they also apply to Public Unlimited Companies and Public Unlimited Companies without share capital.

• The uncertificated securities transfer rules in Sections 1085 to 1087 apply equally to PUCs and PULCs as they do to PLCs.
• Sections 1085 to 1087 govern how securities held in electronic (dematerialised) form may be transferred without the need for a paper certificate.
• These provisions originally re-enacted Regulation 5 of the Companies Act 1990, carrying forward the established framework for paperless transfers.
• The practical effect is that all three public company types — PLC, PUC and PULC — follow the same procedures when transferring uncertificated securities.