National Environmental Management Act, 1998 (107 of 1998)
R 385
Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter IV : Custody and Administration of SecuritiesGeneral provisions relating to custody and administration of securities38. Transfer of uncertificated securities or interest in uncertificated securities |
| (1) |
| (a) | The transfer of uncertificated securities or of an interest in uncertificated securities on the uncertificated securities register held by a central securities depository or participant must be effected in the manner provided for in Chapter 2, Part E of the Companies Act, where applicable, and the depository rules, by making the debit and credit entries respectively in the central securities account or securities account of the transferor and the transferee kept by the central securities depository or the participant, as the case may be. |
| (b) | The transferee of uncertificated securities or an interest in uncertificated securities referred to in paragraph (a) is entitled to all the rights of a transferee of movable property. |
| (c) | Nothing in this section prejudices any power of a participant or central securities depository, as the case may be, to effect a transfer to a person to whom the right to any uncertificated securities or an interest in uncertificated securities referred to in paragraph (a) has been transmitted by operation of law. |
| (2) | A central securities depository, participant, authorised user, nominee or external central securities depository, as the case may be, must act in accordance with this section, the rules of the central securities depository and the Companies Act, where applicable, to give effect to a transfer referred to in subsection (1). |
| (3) | A transfer effected in accordance with subsection (1) is effective against third parties. |
