Valid from 01/12/2001
47.—(1) An open-ended investment company which is a participating issuer must not prepare share certificates in respect of any share in the company which is an uncertificated unit of a security.
(2) Nothing in regulation 46 requires a company to prepare share certificates in the following cases.
(3) Case 1 is any case where the company’s instrument of incorporation states that share certificates will not be issued and contains provision as to other procedures for evidencing a person’s entitlement to shares.
(4) Case 2 is any case where a shareholder has indicated to the company in writing that he does not wish to receive a certificate.
(5) Case 3 is any case where shares are issued or transferred to the designated person.
(6) Case 4 is any case where shares are issued or transferred to a nominee of a recognised investment exchange who is designated for the purposes of this paragraph in the rules of the investment exchange in question.