(1) Subject to regulations 47 and 48, an open-ended investment company must prepare documentary evidence of title to its shares ("share certificates") as follows -
(a) in respect of any new shares issued by it;
(b) where a shareholder has transferred part only of his holding back to the company, in respect of the remainder of that holding;
(c) where a shareholder has transferred part only of his holding to the designated person, in respect of the remainder of that holding;
(d) where a company has registered a transfer of shares made to a person other than the company or a person designated as mentioned in sub-paragraph (c) -
(i) in respect of the shares transferred to the transferee; and
(ii) in respect of any shares retained by the transferor which were evidenced by any certificate sent to the company for the purposes of registering the transfer;
(e) in respect of any holding of bearer shares for which a certificate evidencing title has already been issued but where the certificate ha
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