13Transfer of certain shares etc

13 Transfer of certain shares etc

13 Transfer of certain shares etc

(1) Where prescribed securities are by virtue of this Act vested in the continuing bank, the continuing savings bank or National Nominees Limited, a certificate signed by a Managing Director of the continuing bank or by an officer acting under delegation from him stating that the prescribed securities have so vested shall, notwithstanding any other Act or law or the provisions of any instrument, be deemed to be a sufficient duly stamped instrument of transfer of those prescribed securities.

(2) Subsection (1) applies only to and in respect of prescribed securities:

(a) which, when vested in the continuing bank or the continuing savings bank, will be held by way of security, or

(b) which are vested in National Nominees Limited by the operation of section 12.