# The Uncertificated Securities Regulations 1992, Regulation 60: Bodies corporate, partnerships and individuals as controllers


(1) Where a commercial controller, being a body corporate is dissolved or being an individual dies, any entitlements held by him or it shall be treated as still being held by him or it until transferred by the Operator under regulation 14. Where a company controller, being a body corporate is dissolved or being an individual dies, any entitlements held by him or it shall be treated as still being held by him or it until transferred by the Operator or (as the case may be) the company under regulation 12 and Schedule 1.
(2) In the case of a partnership, any entitlement held by the controller shall be held by the partnership and not the partners. If the partnership ceases the entitlement shall, unless the partnership is a commercial controller and another commercial controller succeeds to the relevant business, continue to be regarded as being held by the partnership until transferred under regulation 12 and Schedule 1 or regulation 14; but if the partnership is a commercial controller and another commercial controller succeeds to the relevant business, the entitlements shall be held by that commercial controller and any instructions received by the former partnership shall be treated as instructions received by the commercial controller to the extent that satisfactory evidence of them is obtained by the commercial controller and the commercial controller is satisfied that the number of entitlements held is established.
(3) Unless the recipient has actual notice to the contrary, a valid communication purportedly issued by a person recorded as being a controller holding entitlements on a record of entitlements shall be deemed to be issued by that person, even if it transpires that that person did not exist or was dead at the time the message was issued.

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Source: https://www.legislation.gov.uk/uksi/1992/225/regulation/60 (the official version)
Page: https://openlegislation.uk/uncertificated-securities-regulations-1992/regulation-60
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.