(1)Registered securities to which this section applies may be transferred by means of an instrument under hand in the form set out in Schedule 1 to this Act (in this Act referred to as a stock transfer), executed by the transferor only and specifying (in addition to the particulars of the consideration, of the description and number or amount of the securities, and of the person by whom the transfer is made) the full name and address of the transferee.
(2)The execution of a stock transfer need not be attested; and where such a transfer has been executed for the purpose of a stock exchange transaction, the particulars of the consideration and of the transferee may either be inserted in that transfer or, as the case may require, supplied by means of separate instruments in the form set out in Schedule 2 to this Act (in this Act referred to as brokers transfers), identifying the stock transfer and specifying the securities to which each such instrument relates and the consideration paid for those securities.
(3)Nothing in this section shall be construed as affecting the validity of any instrument which would be effective to transfer securities apart from this section; and any instrument purporting to be made in any form which was common or usual before the commencement of this Act, or in any other form authorised or required for that purpose apart from this section, shall be sufficient, whether or not it is completed in accordance with the form, if it complies with the requirements as to execution and contents which apply to a stock transfer.
(4)This section applies to fully paid up registered securities of any description, being—
(a)securities issued by any company [F1as defined in section 1(1) of the Companies Act 2006] except a company limited by guarantee or an unlimited company;
(b)securities issued by any body (other than a company [F2as so defined]) incorporated in Great Britain by or under any enactment or by Royal Charter except a building society within the meaning of the M1Building Societies Act [F31986] or [F4a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014];
(c)securities issued by the Government of the United Kingdom, except stock or bonds in the [F5the National Savings Stock Register] F6..., and except national savings certificates;
(d)securities issued by any local authority;
[F7(e)units of an authorised unit trust scheme [F8, an authorised contractual scheme] or a recognised scheme within the meaning of [F9Part 17 of the Financial Services and Markets Act 2000;]]
[F10(f)shares issued by an open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001;]
[F11(g)shares issued by a protected cell company within the meaning of Part 4 of the Risk Transformation Regulations 2017.]
Textual Amendments
F1Words in s. 1(4)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 10(2) (with art. 10)
F2Words in s. 1(4)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 10(3) (with art. 10)
F3 Word substituted by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 120, Sch. 18 Pt. I para. 5
F4Words in s. 1(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 21 (with Sch. 5)
F5Words substituted by Post Office Act 1969 (c. 48), s. 108(1)(f)
F6Words repealed by Finance Act 1964 (c. 49), Sch. 9
F7S. 1(4)(e) substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 4(a)
F8Words in s. 1(4)(e) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 4 (with reg. 24)
F9Words in s. 1(4)(e) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 270
F10S. 1(4)(f) substituted (1.12.2001) by S.I. 2001/1228, regs. 1(2), 84, Sch. 7 para. 2; S.I. 2001/3538, art. 2
F11S. 1(4)(g) inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), reg. 1(2), Sch. 4 para. 1 (with reg. 189)
Modifications etc. (not altering text)
C1S. 1 amended by S.I. 1979/277, art. 3
C2S. 1 modified by S.I. 1990/18, art. 4
C3S. 1(3) modified by S.I. 1990/18, art. 3
Marginal Citations