3.—(1) Sub-paragraphs (2) and (3) apply where, at a time in the surrender year, the person who is the bearer of an outstanding bearer share delivers to the company—
(a)the instrument mentioned in regulation 48 relating to the share,
(b)a request for the share to be converted to a registered share, and
(c)a statement of the person’s name and address.
(2) Delivery of the instrument to the company does not operate as a transfer of the share.
(3) The company must—
(a)cancel the instrument,
(b)register the person as the holder of the share, and
(c)prepare a share certificate in respect of the share as registered.
(4) Sub-paragraphs (2) and (3) do not apply in relation to outstanding bearer shares of which the designated person is the bearer (but see paragraph 4).
(5) Regulation 46(2) (expeditious preparation of certificates prepared in accordance with regulation 46(1)(a) to (e)) applies also in relation to a certificate prepared in accordance with sub-paragraph (3)(c).