(1) Shares registered in an overseas branch register must be distinguished from those registered in the main register.
(2) No transaction with respect to shares registered in an overseas branch register may be registered in any other register.
(3) An instrument of transfer of a share registered in an overseas branch register—
(a) is regarded as a transfer of property situated outside the United Kingdom, and
(b) unless executed in a part of the United Kingdom, is exempt from stamp duty.
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