17.—(1) Any stock entered in a register in the name of a deceased person shall be transferable by his personal representative.
(2) The Registrar may decline to give effect to a transfer of any stock entered in the register in the name of a deceased person who has two or more personal representatives unless the transfer is executed by all of them.
(3) Where any stock is entered in the register in the name of a deceased person, the production to the Registrar of any document which is by the law of the place where the register is kept sufficient evidence of probate of the will, or of letters of administration of the estate, or confirmation as executor to the estate, of that person having been granted to some person, shall be accepted by the Registrar as sufficient evidence of the grant.
(4) Where the total value of all holdings of stock entered in the register in the name of a deceased person at the time of his death does not exceed £5,000, and probate of his will, or letters of administration to his estate, or confirmation as executor to the estate is not or are not produced to the Registrar within such time as the Registrar thinks reasonable in the circumstances of the case, the Registrar may, if he thinks fit, transfer the stock or any part of it—
(a)to a person appearing to the Registrar to be entitled to take out such probate, letters of administration or confirmation; or
(b)to any other person appearing to the Registrar to be a fit and proper person to receive it.