Grants and assignments of any trust or confidenceU.K.
23.—(1) This regulation extends to Northern Ireland only.
(2) Subject to paragraph (4), section 6 of the Statute of Frauds (Ireland) 1695 M1 (which requires all grants and assignments of any trust or confidence to be in writing) does not apply (if it would otherwise do so) to any grant or assignment of units in a stand-alone co-ownership scheme or a sub-scheme of an umbrella co-ownership scheme where—
(a)the grant or assignment is by means of electronic communication;
(b)the electronic communication is made by the person granting or assigning the units; and
(c)such evidence as the operator or depositary of the scheme, being the person responsible for maintaining a register of the holders of units in accordance with the contractual scheme deed, may require to prove the right of the person referred to in sub-paragraph (b) to grant or assign the units is provided to the operator or depositary.
(3) The operator or depositary mentioned in paragraph (2)(c) may refuse to register a transfer of units by means of electronic communication.
(4) Paragraph (2) has no effect in a particular case if the operator or depositary mentioned in paragraph (2)(c) refuses to register the transfer of units which would, apart from paragraph (3), be made by the grant or assignment in that case.
Marginal Citations