Companies Act 2014 section 1085

Transfer in writing

Section 1085 disapplies traditional legal requirements for written, signed or sealed documents when securities are transferred electronically, whether under the Electronic Commerce Act 2000 or under ministerial regulations for uncertificated securities.

• Older statutes requiring written documents for property transfers — including the Statute of Frauds 1695 and the Supreme Court of Judicature (Ireland) Act 1877 — do not apply to electronic transfers of securities.
• Section 94(4) of the Companies Act 2014, which governs the transfer of shares and debentures in writing, is likewise disapplied for such transfers.
• Any other legislation or rule of law that requires execution of a document under hand or seal for the transfer of property is also set aside in this context.
• These exemptions apply where the transfer of title to securities is carried out under section 12 of the Electronic Commerce Act 2000 or under procedures authorised by ministerial regulations made under section 1086.