{
  "url": "https://openlegislation.uk/companies-shares-and-share-capital-order-2009/article-4",
  "json_url": "https://openlegislation.uk/companies-shares-and-share-capital-order-2009/article-4.json",
  "legislation": "uksi/2009/388",
  "legislation_title": "The Companies (Shares and Share Capital) Order 2009",
  "legislation_url": "https://openlegislation.uk/companies-shares-and-share-capital-order-2009",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Shares deemed paid up in or allotted for cash, and sale of treasury shares for a cash consideration: meaning of cash consideration",
  "text": "(1) The creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the allotment of a share to a system-member by means of a relevant system is to be regarded as a means of payment falling within section 583(3)(e).\n(2) The creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the payment up of a share by a system-member by means of a relevant system is to be regarded as a means of payment falling within section 583(3)(e).\n(3) The creation of an obligation on the part of a settlement bank to make a relevant payment in respect of the transfer by a company to a system-member, by means of a relevant system, of a share held by the company as a treasury share is to be regarded as a means of payment falling within section 727(2)(e).\n(4) In this article—\n(a) the expressions “Operator”, “relevant system”, “rules”, “settlement bank” and “system-member” have the meanings given in the Uncertificated Securities Regulations 2001; and\n(b) “relevant payment” means a payment in accordance with the rules and practices of an Operator of a relevant system.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2001/3755; relevant amending instruments are S.I. 2003/1633, 2007/124."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/388/article/4",
    "retrieved_at": "2026-10-29T03:17:19.664533+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}