(1) A company may not register a transfer of shares in or debentures of the company unless -
(a) a proper instrument of transfer has been delivered to it, or
(b) the transfer -
(i) is an exempt transfer within the Stock Transfer Act 1982 (c. 41), or
(ii) is in accordance with regulations under Chapter 2 of this Part.
(2) Subsection (1) does not affect any power of the company to register as shareholder or debenture holder a person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.
(3) [deleted]