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Paragraph 2 Inconsistent provisions of existing instruments

Original text. Later amendments are not shown.

Any provision in any instrument constituting the terms of issue of a security which has been executed prior to the Secretary of State giving his consent under regulation 5 which is inconsistent with the terms of these Regulations:

(a)

shall not be construed as preventing the conversion of the security into uncertificated form; and

(b)

where the security is converted into uncertificated form, shall cease to have effect to the extent that it is inconsistent with these Regulations.