(1) A company—
(a) of which shares or debentures are allotted to a financial institution,
(b) of which debenture stock is allotted to a financial institution, or
(c) with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged,
is not required in consequence of that allotment or transfer to comply with section 769(1) or 776(1) (duty of company as to issue of certificates etc).
(2) A “financial institution” means—
(a) a recognised clearing house [or a recognised CSD] acting in relation to a recognised investment exchange, or
(b) a nominee of—
(i) a recognised clearing
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