Companies Act 2014 section 1087L

Transfer of applicable securities

Section 1087L removes the requirement for a written instrument of transfer when transferring dematerialised (applicable) securities, whether they are shares or other types of securities held through a central securities depository.

• No written transfer document is needed to transfer applicable securities that are shares
• For applicable securities other than shares, the written transfer requirement is also removed for transfers involving a central securities depository or its nominee
• This applies regardless of the requirements in section 94(4) of the Companies Act 2014, the Stock Transfer Act 1963, or any other legislation
• Covered transfers include those between depositories, from a depository to a holder, and from a holder to a depository