Paragraph 2 Transfers of entitlements held, by an alternative company controller at the direction of the company
A company which has appointed an alternative company controller may at any time give notice to the Operator that it is terminating that appointment.
The Operator shall, within 5 working days of its receipt of such a notice or such other time as the Operator may have agreed with the company, effect a transfer of any entitlements to units of an uncertificated security of the company held by the alternative company controller concerned (in his or its capacity as such controller) to such other alternative company controller as may have been nominated by the company or (failing such a nomination) to a primary company controller, such controller having a duty to hold those entitlements for those persons for whom they were held by the first mentioned controller.
The transfer may be effected by the Operator amending its record of entitlements so as to debit the first mentioned controller and either:
(where the transfer is to another alternative company controller) crediting the controller to which the entitlements are being transferred; or
(where the transfer is to a primary company controller) notifying the company of the debiting of the first mentioned controller,
without (in either case) the necessity of the Operator obtaining a notification of a transaction or any consent to the transfer from the first mentioned controller.
Having received a notification under (b), the company shall forthwith amend its own record of entitlements so as to credit the entitlements concerned to a primary company controller.
It shall be the duty of the first mentioned controller, and (where a body corporate) of any offer of it and of any insolvency practitioner appointed in relation to that controller, to preserve and deliver up to the company as soon as practicable a copy of the record of account holders relating to the entitlements transferred together with all other records and documents held by the controller which relate to those entitlements (in particular copies of any instructions received by the controller under regulation 34).
It is also the duty of such a person to notify the company of any entitlements to which regulations 34, 51, 52 or 53 apply.
Any transfer under this paragraph shall be without prejudice to any claim the first mentioned controller may have for breach of contract or to any claim that may exist against that controller.