120Transfer of certificates

#### 120 Transfer of certificates 120 Transfer of certificates > > (1) A certificate is transferable in accordance with this Division. > > > (2) A certificate is transferable only if— > > > > > (a) the certificate is registered as active in the register of certificates, or > > > > > (b) the date on which the certificate will be taken to be active is specified in the register of certificates. > > > (3) The transfer of a certificate does not have effect until the transfer is registered by the Scheme Administrator. > > > (4) An application for registration of a transfer of a certificate must be made to the Scheme Administrator by the parties to the transfer. > > > (5) The Scheme Administrator must— > > > > > (a) grant the application by registering the transfer of the certificate in the register of certificates, or > > > > > (b) refuse the application. > > > (6) The Scheme Administrator registers the transfer of a certificate by altering the entry relating to that certificate in the register of certificates to record the new owner of the certificate. > > > (7) The Scheme Administrator may refuse an application for registration of a transfer of a certificate on any grounds specified in the regulations. > > > (8) Regulations may be made in relation to applications for registration of a transfer, including to require an application fee to be paid to the Scheme Administrator.