6Transfers by authorized trustee corporations

6 Transfers by authorized trustee corporations

6 Transfers by authorized trustee corporations

(1) In respect of the transfer of marketable securities by an authorized trustee corporation to the beneficial owner of those marketable securities, being a transfer that is not made by way of a sale, gift or exchange of the marketable securities, a document is a sufficient instrument of transfer if:

(a) it is an instrument relating to those marketable securities duly completed in accordance with or to the effect of Form Eight, and

(b) where the document relates to marketable securities on which there is an uncalled liability (not being marketable securities that are partly paid shares in a no-liability company), the transferee’s acceptance of the marketable securities duly completed in accordance with or to the effect of Form Nine is included in or attached to the instrument referred to in paragraph (a).

(2) In respect of the transfer of rights to marketable securities by an authorized trustee corporation in favour of the beneficial owner of those rights, being a transfer that is not made by way of a sale, gift or exchange of the rights, a document is a sufficient instrument of transfer if:

(a) it is an instrument relating to those rights duly completed in accordance with or to the effect of Form Ten, and

(b) where the document relates to rights to marketable securities (not being marketable securities that are shares in a no-liability company) for which the whole of the moneys to be subscribed is not payable in full on application being made for them, the transferee’s acceptance of the rights duly completed in accordance with or to the effect of Form Eleven is included in or attached to the instrument referred to in paragraph (a).