Regulation 30 Transfer of entitlement
Subject to paragraph (2), an entitlement is transferred from one controller to another by the entry of the transferee of the entitlement as its holder in a record of entitlements.
The corresponding amendment of the entry in respect of the transferor is not required to effect the transfer, but the Operator or (as the case may be) the company shall debit the transferor with the entitlement.
Where an entitlement is to be transferred from a primary company controller to a commercial (or alternative company) controller, or vice versa, transfer of the entitlement is effected by the crediting of the transferee, or (as the case may be) the debiting of the transferor, with the entitlement on the Operator’s record of entitlements; the corresponding amendment to the company’s record of entitlements not being required to effect the transfer.
It is however the duty of the company, having been notified of a transfer of an entitlement to or from a primary company controller, to amend its record of entitlements so as to reflect the transfer.
Subject to these Regulations, it is the duty of (in the case of the Operator’s record of entitlements) the Operator or (in the case of the company’s record of entitlements) the company to effect a transfer of an entitlement if, but only if:
it is in receipt of a notification of a transaction with respect to the entitlement (and, if the notification has been given on conditions, those conditions have been satisfied); and
the transferor and (unless a primary company controller) the proposed transferee of the entitlement have consented to the transfer
(and, if the consent has been given on conditions, those conditions have been satisfied), (no consent as transferee being required from a primary company controller).