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(a)an Operator permits title to shares of a class in relation to which regulation 15 applies, or in relation to which a directors' resolution passed in accordance with regulation 16 is effective, to be transferred by means of a relevant system; and
(b)the company in question permits the holding of shares of that class in uncertificated form and the transfer of title to any such shares by means of a relevant system,
title to shares of that class which are recorded on an Operator register of members may be transferred by means of that relevant system.
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