Section 1 Stock may be made transferable by instrument in writing.

Regulations made under section sixteen of the M1Colonial Stock Act 1877 may, notwithstanding anything in that Act or in the M2Colonial Stock Act 1892, provide that the stock to which the regulations relate shall be transferable by instrument in writing in accordance with the regulations F1or by an exempt transfer, within the meaning of the Stock Transfer Act 1982, but in no other manner:

This section applies as well to stock issued before, as to stock issued after, the passing of this Act, F2or the Stock Transfer Act 1982 and, accordingly, in relation to stock issued before the passing of this Act, or the Stock Transfer Act 1982 so much of the said section sixteen as requires regulations thereunder to be made before the issue of the stock shall not apply to regulations made for the purpose specified in subsection (1) of this section and the regulations, when made, shall have effect notwithstanding anything in any previous regulations applicable to the stock and notwithstanding anything in the terms on which the stock was issued.