Section 221: Notice of refusal to register.

(1) If a company refuses to register a transfer of any debenture, the company shall, within two months after the date on which the transfer was lodged with the company, send to the transferee notice of the refusal.
(2) If any default is made in complying with the provisions of this section, the company and each officer of the company are liable to such fine as the Commission shall specify by regulation.