Section 121B — Land Transfer Act 1952: Issue of share certificates

121B Issue of share certificates (1) Every flat or office owning company must issue to every shareholder in the company a share certificate that complies,— (a) In the case of a company within the meaning of section 2 of the Companies Act 1955, with the requirements of paragraphs (a), (b), and (c) of subsection (1) of section 90 of that Act: (b) In the case of a company within the meaning of section 2 of the Companies Act 1993 , with the requirements of paragraphs (a) , (b) , and (c) of subsection (1) of section 95 of that Act. (2) Where a company acts in contravention of or fails to comply with subsection (1) of this section,— (a) The company commits an offence and is liable on summary conviction to a fine not exceeding $5,000: (b) Every director of the company commits an offence, and is liable on summary conviction to a fine not exceeding $5,000, unless the director shows that— (i) The company took all reasonable and proper steps to ensure that the requirements of that subsection would be complied with; or (ii) He or she took all reasonable steps to ensure that the company complied with the requirements of that subsection; or (iii) In the circumstances he or she could not reasonably have been expected to take steps to ensure that the company complied with the requirements of that subsection. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124).