# The Uncertificated Securities Regulations 1992, 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.

---
Source: https://www.legislation.gov.uk/uksi/1992/225/regulation/49 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-49
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.