75Transfer not to be registered except on production of instrument of transfer.
Notwithstanding anything in the articles of a company, it shall not be lawful for the company to register a transfer of shares in or debentures of the company unless a proper instrument of transfer has been delivered to the company:
Provided that nothing in this section shall prejudice any power of the company to register as shareholder or debenture older any person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.