A company must register an allotment of debentures as soon as practicable and in any event within two months after the date of the allotment.
If a company fails to comply with this section, an offence is committed by—
the company, and
every officer of the company who is in default.
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
For the duties of the company as to the issue of the debentures, or certificates of debenture stock, see Part 21 (certification and transfer of securities)