PART 3REGISTRATION, CERTIFICATION AND TRANSFER OF STOCK

Stockholders who are trustees or hold offices23.

(1)

The account on which any stock is standing in any register may be designated in such manner as the holder of the stock may specify and, in particular, the holder may be described as trustee of a specified trust or as trustee without specifying a trust or in any other manner indicating the capacity in which he holds the stock.

(2)

Where the holder of any stock occupies an office or official position, his official description may be entered in the register in lieu of his name; and where any such official description is so entered, a transfer of that stock or any part thereof, or a dividend mandate relating thereto, shall be treated as properly executed if executed by the person for the time being occupying that office or position or, in the case of a firm or partnership occupying that office or position, if executed in accordance with section 6 of the Partnership Act 18909.

(3)

Notwithstanding anything in the preceding provisions of this regulation, the Registrar shall not be required to enter in any register—

(a)

any designation or description which appears to him unreasonably long or elaborate; or

(b)

both the name of a holder of stock and any such official description as could under paragraph (2) above be so entered in lieu of his name.

(4)

Nothing in this regulation shall permit or require notice of any trust to be entered in any register or be receivable by the Registrar in relation to stock which is an uncertificated unit of a security.