(1) This regulation applies to a class of shares if a company's articles of association are inconsistent 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, or

(c) any provision of these regulations.

(2) A company may resolve, subject to paragraph 6 (a), by resolution of its directors (in this Chapter referred to as a "directors' resolution") that title to shares of a class issued or to be issued by it may be transferred by means of a relevant system.

(3) Upon a directors' resolution becoming effective in accordance with its terms, and for as long as it is in force, the articles of association in relation to the class of shares which were the subject of the directors' resolution, shall not apply to any uncertificated shares of that class to the extent that they are inconsistent with -

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