(1) Regulations under this Chapter may make provision -
(a) enabling the members of a company or of any designated class of companies to adopt, by ordinary resolution, arrangements under which title to securities is required to be evidenced or transferred (or both) without a written instrument; or
(b) requiring companies, or any designated class of companies, to adopt such arrangements.
(2) The regulations may make such provision -
(a) in respect of all securities issued by a company, or
(b) in respect of all securities of a specified description.
(3) The arrangements provided for by regulations making such provision as is mentioned in subsection (1) -
(a) must not be such that a person who but for the arrangements would be entitled to have his name entered in the company's register of members ceases to be so entitled, and
(b) must be such that a person who but for the arrangements would be entitled to exercise any rights in respect of the securities continues to be able effectively to
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