Explanatory note

The Order amends Schedule 1 to the Stock Transfer Act 1963 (“the Act”) by adding a form for use where securities are transferred to a person who will hold them in uncertificated form by virtue of the Uncertificated Securities Regulations 1995 (S.I. 1995/3272). The Order provides that the address of the person to whom the securities are to be transferred may be omitted.

The Order also substitutes the form set out in Schedule 2 to the Order for the first form set out in Schedule 1 to the Act and provides that an instrument purporting to be made in the form for which the new form is substituted is sufficient if it complies with the requirements as to execution and contents which apply to a stock transfer. In addition, the order makes a necessary modification to section 1(3) of the Act.