In this Part of this Act, unless the context otherwise requires,—

The provisions of this Part of this Act shall, in respect of any particular stock, be subject to the provisions of any other enactment and to the terms of issue of the stock.

The Registrar shall keep a register of all stock.

The register may be kept in book form, or in the form of a paper or card record, or by computer or any device by means of which information is recorded or stored. If the register is kept by computer or any such device—

The Registrar shall cause to be entered in the register the following particulars of every holder of stock:

No notice of any trust in respect of any stock shall be entered in the register or be receivable by the Registrar; and no liability shall attach to the Crown, the principal, or the Registrar by reason of any express, implied, or constructive notice of any trust affecting any stock.

Any extract from the register, certified as correct by an officer of the Registrar purporting to act in the course of his duties as such shall, in the absence of evidence to the contrary, for all purposes and in all Courts, be sufficient evidence of the entry in the register to which the extract relates as on the date when the extract was so certified. Any such certificate purporting to have been signed by such an officer shall, in the absence of proof to the contrary, be deemed for all purposes to have been duly signed by such an officer.

The Registrar may, on such evidence as appears to it to be sufficient, correct errors and remedy omissions in the register or any entry therein or in certificates of title to stock, and may call in any outstanding certificate of title for that purpose.

Where 2 or more persons are registered as the holders of the same stock by virtue of any application for stock, memorandum of transfer, or other instrument, then, unless the contrary is expressed in the application, memorandum, or other instrument, the persons shall be deemed to hold the stock as joint tenants with right of survivorship.

If 2 or more persons apply (whether on application for the stock or by memorandum of transfer or other instrument) to be registered as holders of stock as tenants in common, the Registrar may, after notifying the persons of its intention to do so, divide the stock into the shares for which each person is expressed to be entitled and register each person as the holder of the amount of stock representing his share. If the stock cannot be divided into shares that are expressed in whole dollars, the Registrar may refuse to accept the application, memorandum, or other instrument, as the case may be.

On application in writing (in such form as the Registrar requires) by any registered holder of stock, the Registrar shall issue to the applicant a certificate of title certifying that the applicant is the registered holder of the stock referred to therein (being the whole or any part of the amount of the stock of which he is the registered holder).

Any such certificate of title shall be in such form as the Registrar with the consent of the principal prescribes and shall be conclusive evidence of the ownership of the stock to which it relates by the person named therein as the holder.

The transfer, whether by delivery or otherwise, of any such certificate of title shall not operate as a transfer of the legal or equitable interest of the holder in the stock to which it relates. The Registrar shall not repay nor record any dealing with any stock for which a certificate of title has been issued, unless the certificate of title has been produced to and cancelled by the Registrar.

The Registrar shall enter in the register particulars of the issue of every certificate of title to stock.

Where any certificate of title to stock has been lost, destroyed, mutilated, or rendered illegible, the Registrar, on receiving evidence to its satisfaction of the loss or destruction or, as the case may be, on the surrender of the mutilated or illegible certificate of title, may, on such terms and subject to such conditions as the Registrar with the consent of the principal prescribes, issue a substitute certificate of title with the word ‘substitute’ stamped or written thereon, and shall record the issue thereof in the register.

Every such substitute certificate of title shall have the same effect to all intents and purposes as the original certificate of title for which it is substituted.

The registered holder of any stock may by memorandum of transfer, in such form as the Registrar with the consent of the principal prescribes, transfer to any other person the whole or any part of the stock, being an amount expressed in whole dollars or such other amount as the Registrar in any particular case agrees to.

On production of a duly executed memorandum of transfer, the Registrar shall enter in the register the name of the transferee as the registered holder of the stock to which the memorandum of transfer relates.

Every such entry shall operate as a transfer of the stock to which it relates, and shall vest that stock in the transferee.

The Registrar may, on the application of a registered holder of stock, certify on a memorandum of transfer of the stock that the person named therein as transferor is entered in the register as the holder of that stock. Any such certificate may be subject to such conditions as the Registrar thinks fit to impose.

Where a memorandum of transfer of stock has been certified under this section, the Registrar may refuse to repay, or record any dealing with, the stock until the memorandum has been produced to it and the certificate thereon cancelled.

The Registrar shall enter in the appropriate register particulars of every memorandum of transfer certified under this section.

Subject to sections 45g(3) and 45j(2) of this Act, when the right to any stock is acquired by any person on the death or bankruptcy of the registered holder, or under a writ of execution, or in any manner other than by way of a transfer under section 45i of this Act, the Registrar, on application by or on behalf of the person entitled and on being satisfied that he is legally entitled to be registered as the holder of the stock, shall enter his name in the register as the holder of the stock accordingly.

Where a memorandum of transfer or other instrument dealing with stock is executed by a body corporate by a means other than by affixing its common or official seal thereto, the Registrar may refuse to accept the instrument as properly executed until the Registrar is satisfied that the instrument has been executed under the authority of the body corporate and is binding on it.

Where a memorandum of transfer or other instrument dealing with stock is executed by a body corporate by affixing its common or official seal thereto, the Registrar may refuse to accept the instrument as properly executed until the Registrar receives a certificate, signed by an officer of the body corporate, to the effect that the instrument has been executed under the authority of the body corporate and is binding on it.

All money payable to a registered holder of stock in respect of the stock shall constitute a debt due to the registered holder by the principal.

Where the Registrar fails to pay money payable in respect of stock, it shall be under no liability in respect of the failure if the failure was due to a default by the principal.

Any infant of the age of 7 years or upwards may be registered as the holder of any stock and may transfer or do anything else in relation to the stock as effectually in all respects as if he were of full age.

Any person may by power of attorney, in a form prescribed by the Registrar, appoint any other person to be his attorney for any purpose relating to stock.

Every power of attorney under this section shall be deposited in the office of the Registrar.

Every power of attorney under this section shall be valid and effectual for all the purposes mentioned therein until notice in writing of its revocation, or of the death, disability, bankruptcy, winding up, or dissolution of the donor has been received in the office of the Registrar.

Nothing in this section shall derogate from the right that any person has to appoint, by a power of attorney in a form other than that prescribed by the Registrar, any other person to be his attorney for any purpose relating to stock.

The Supreme Court may, on the application of any interested person made either ex parte or on notice to any other person as the Court may direct, make an order prohibiting, for the time and subject to the conditions specified in the order, any dealings with any stock specified in the order, and may discharge any such order with or without costs, and generally may make such orders as, in the opinion of the Court, the justice of the case requires.

The Registrar, without being made a party to the proceedings, shall, on being served with any such order, make an entry of the order in the register.

No liability shall attach to the principal or to the Registrar for any entry made or thing done by the Registrar pursuant to an order under this section.

The administrator of the estate of any deceased person, or other person by whom estate duty may be payable in respect of that estate, may pay the whole or any part of the estate duty payable by him in respect of that estate by means of estate duty stock held in the name of the deceased, and the Commissioner of Inland Revenue shall accept any such stock accordingly in satisfaction in whole or in part, as the case may be, of the amount of estate duty payable as aforesaid.

If provision in that behalf has been made in the prospectus or terms of issue of the stock, the administrator of the estate of any deceased person may pay the whole or any part of the income tax payable in respect of income derived by the deceased before his death by means of any such estate duty stock held in the name of the deceased, and the Commissioner of Inland Revenue shall accept any such stock accordingly in satisfaction in whole or in part, as the case may be, of the amount of income tax payable as aforesaid.

All estate duty stock transferred to the Commissioner of Inland Revenue under this section shall be deemed to mature for payment, and to be accepted by the Commissioner in satisfaction of estate duty or income tax as aforesaid, on the date of execution of the memorandum of transfer by the transferor; and all such stock shall for the purposes of this section be deemed to be of the nominal value thereof and shall carry interest till that date.

Subject to subsection (3) of this section, if any estate duty stock is transferred, it shall cease to be estate duty stock, and may be dealt with accordingly.

If on the death of the registered holder of any estate duty stock the whole or any part of that stock is not used for the payment of estate duty in respect of the estate of the deceased or in the payment of income tax owing by the deceased, the stock so remaining unused shall cease to be estate duty stock, and may be dealt with accordingly.

Subject to any other Act, the Registrar shall from time to time supply to every principal certified statements as to the amount of stock registered on its behalf, together with such other particulars as the principal requires.

The Audit Office and any other auditor may for all purposes accept as correct any certified statement supplied by the Registrar under this section.

The Registrar may from time to time enter into agreements with principals for the purpose of giving full effect to the provisions of this Part of this Act.

Without limiting subsection (1) of this section, any agreement under that subsection may relate to the remuneration payable to the Registrar in regard to the issue and management of the stock, and the giving of indemnities to the Registrar.”