(1) Section 69 shall not apply -
(a) [deleted]
(b) [deleted]
(c) in respect of an operator-instruction effecting a transfer of rights to securities, in a company which is not an unquoted company within the meaning of section 63, where that transfer is a renunciation of those rights under a letter of allotment.
(2) Stamp duty shall not be chargeable under or by reference to any heading in Schedule 1 other than the heading "Conveyance or Transfer on sale of any stocks or marketable securities" on an instrument effecting a transfer of securities if the transferee is a system-member and the instrument is in a form which will, in accordance with the rules of the system, enable certificated securities to be converted into uncertificated securities so that title to them may become transferable by means of the relevant system.