(1) Where an operator permits a class of shares in relation to which regulation 7 applies, or in relation to which a directors' resolution passed in accordance with regulation 8 is effective, to be a participating security, title to shares of that class which are recorded in a register of members as being held in uncertificated form may be transferred by means of the relevant system to which the permission relates.

(2) For the purposes of regulations 7 and 8 any shares with respect to which share warrants to bearer are issued under section 88 of the 1963 Act shall be regarded as forming a separate class of share.