# The Companies (Shares and Share Capital) Order 2009, Article 4: Shares deemed paid up in or allotted for cash, and sale of treasury shares for a cash consideration: meaning of cash consideration


(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).
(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).
(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).
(4) In this article—
(a) the expressions “Operator”, “relevant system”, “rules”, “settlement bank” and “system-member” have the meanings given in the Uncertificated Securities Regulations 2001; and
(b) “relevant payment” means a payment in accordance with the rules and practices of an Operator of a relevant system.

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Source: https://www.legislation.gov.uk/uksi/2009/388/article/4 (the official version)
Page: https://openlegislation.uk/companies-shares-and-share-capital-order-2009/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.