4.—(1) Where a transfer of shares is made by the person (if any) who is designated in the company’s instrument of incorporation for the purposes of this paragraph, the company may not register the transfer unless such evidence as the company may require to prove that the transfer has taken place has been delivered to the company.U.K.
(2) Where for any reason a person ceases to be designated for the purposes of this paragraph—
(a)any shares held by that person which are not disposed of on or before his ceasing to be so designated are to be deemed to be the subject of a new transfer to him which takes effect immediately after he ceases to be so designated; and
(b)the company must make such adjustments to the register as are necessary to reflect his change of circumstances.