(1) Despite the provisions of the Companies Act, the ownership of or rights in corporate securities which are listed or proposed to be listed may, subject to the provisions of this Part, be evidenced and transferred without a written instrument.
(2) The Minister may, on the recommendation of the Commission, make Regulations—
(a) providing for procedures for recording and transferring title to securities;
(b) providing for the regulation of those procedures and the persons responsible for or involved in their operation;
(c) containing such safeguards as appear to the Minister appropriate for the protection of investors and for ensuring that competition is not restricted, distorted or prevented;
(d) providing for the transmission of title to securities by operation of law;
(e) providing for recording liens held by companies pursuant to their articles of association to be recorded and procedures in respect thereof;
(f) providing for recording of charges in respect of securities and transfer such charges, to be recorded and procedures in respect thereof;
(g) including such supplementary, incidental and transitional provisions as appear to the Minister to be necessary or expedient.
(Amended by Act 12 of 2007)
(3) Regulations may make provision with respect to the persons responsible for the operation of the new procedures—
(a) as to the consequences of their insolvency or incapacity;
(b) as to the transfer from them to other persons of their functions in relation to the new procedures.
(4) Regulations may make different provisions for different cases.