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(a) The person keeping the books or register in which stock is inscribed shall not be required to complete a transfer thereof until the expiration of at least ten days from the date on which the instrument of transfer was delivered to that person, or until the expiration of at least three days from the date on which a reply from the transferor to any notice sent by that person informing the transferor of the proposed transfer would, if posted immediately after the receipt of the notice, reach that person in the ordinary course of post; and
(b) That person may in any case, if he thinks fit, refuse to recognize an instrument of transfer unless there is produced to him such evidence as he may reasonably require as to the identity of the transferor and his right to make the transfer.
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