(1) A company may not register a transfer of shares in or debentures of the company unless—
(a) a proper instrument of transfer has been delivered to it, or
(b) the transfer—
(i) is an exempt transfer within the Stock Transfer Act 1982 (c 41), or
(ii) is in accordance with regulations under Chapter 2 of this Part.
(2) Subsection (1) does not affect any power of the company to register as shareholder or debenture holder a person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.
[(3) If an election
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