(6) Shares comprised in a permissible letter of allotment shall, until its expiry date, be transferable by renunciation and delivery of the letter, but subject to compliance with such conditions (if any) as may be specified in the letter. (5) Subsection (3) shall not apply to an instrument falling within the definition of “permissible letter of allotment” in this section. (4) If a PLC purports to issue a bearer instrument in contravention of subsection (3), the shares that are specified in the instrument shall be deemed not to have been allotted or issued, and the amount subscribed therefor (and in the case of a non-cash asset subscribed therefor, the cash value of that asset) shall be due as a debt of the PLC to the purported subscriber thereof. (3) Save as provided by this section, a PLC shall not have power to issue any bearer instrument. Which letter is expressed to be transferable by delivery during a period expiring on its expiry date. (ii) problems of a legal or practical nature arising under the laws of any territory or requirements imposed by any recognised regulatory body in any territory, (c) shares of the PLC allotted provisionally, on which no amount has been paid or which are shares partly paid up, where the shares are allotted in connection with a rights issue or open offer in favour of members and the shares are issued proportionately (or as nearly as may be) to the respective number of shares held by the members of the PLC, there being disregarded for this purpose any exceptions to such proportionality, or arrangements for a deviation from such proportionality, as the directors of the PLC may deem necessary or expedient to make for the purposes of dealing with.
(b) shares of the PLC, in lieu of a dividend, credited as fully paid or (a) bonus shares of the PLC, credited as fully paid “permissible letter of allotment” means a letter of allotment by a PLC to a member of it of. “expiry date”, in relation to a permissible letter of allotment, means a date no later than 30 days after the date of the instrument “bearer instrument” means an instrument, in relation to shares of a PLC, which entitles or purports to entitle the bearer thereof to transfer the shares that are specified in the instrument by delivery of the instrument, and includes a share warrant as that expression was defined by section 88 of the Act of 1963 (1) The provisions of this section shall, in relation to a PLC, have effect in place of subsections (8) to (10) of section 66.
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