The Uncertificated Securities Regulations 1992

Further provisions

82.—(1) Upon the conversion of a security into, or the issue of units of a security in, uncertificated form, a controller recorded on a record of entitlements prepared for the security as having an entitlement to a unit of the security converted or issued shall there-upon have that entitlement save that where, and for as long as, the sum of the entitlements on the Operator’s and company’s records of entitlements exceeds the units of a security in issue, the question whether the controller has the entitlement is in addition to be deter-mined by ascertaining whether the controller would have been recorded with it if the excess had not arisen.

(2) Schedule 5 to these Regulations makes further provision with respect to the con-version of a security into, or issue of units of a security in, uncertiticated form.