(1) This regulation applies to a class of shares if a company's articles of association are consistent with -

(a) the holding of shares in that class in uncertificated form,

(b) the transfer of title to shares in that class by means of a relevant system, and

(c) these regulations.

(2) A company may provide for the holding of shares in such a class to which this regulation applies in uncertificated form, and the transfer of title to any such shares by means of a relevant system.