(1) Section 2 of this Act shall have effect in relation to the transfer of any securities to which that section applies notwithstanding anything to the contrary in any enactment (including the Companies Act, 1963) or instrument relating to the transfer of those securities; but nothing in that section affects -
(a) any right to refuse to register a person as the holder of any securities on any ground other than the form in which those securities purport to be transferred to him; or
(b) any enactment or rule of law regulating the execution of documents by companies or other bodies corporate, or any articles of association or other instrument regulating the execution of documents by any particular company or body corporate.
(2) Subject to the provisions of this section, any enactment or instrument relating to the transfer of securities to which section 2 of this Act applies shall, with any necessary modifications, apply in relation to an instrument of transfer authorised by that section a
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