Regulation 49 Implied terms in contracts for the transfer of uncertificated securities
(1)
It is an implied term in a contract for the transfer of a unit of an uncertificated security that:
(a)
any authority, instructions or notifications of transactions necessary for the effecting of the transfer will be given by the transferor or by persons acting on behalf of the transferor; and
(b)
the controller to hold any entitlements concerned for the transferee is to be a company controller.
(2)
A term implied into a contract by this regulation may be excluded or varied expressly or, where the contract makes alternative provision, impliedly.
For this purpose a contract may make alternative provision expressly or by implication.