(1) Where a transfer in blank relating to registered securities has been delivered, pursuant to a sale of those securities, to or to the order of the purchaser or any person acting on his behalf, any person who in the State parts with possession of that transfer, or who removes it or causes or permits it to be removed from the State, before it has been duly completed shall, as well as being liable for the stamp duty chargeable in respect of that transfer, be liable to a penalty of £500, and the penalty shall be recoverable in the same manner as if it were part of the duty.

(2) For the purposes of this section "transfer in blank" means a transfer in which the name of the transferee has not been inserted, and a transfer shall be treated as duly completed if, and only if, the name of the transferee is inserted therein, being the name of -

(a) the purchaser of the securities under the sale;

(b) a person entitled to a charge upon the securities for money lent to that purchaser;

(c) a nominee holding as a bare trustee for that purchaser or for any such person as is mentioned in paragraph (b) of this subsection; or

(d) a person acting as the agent of that purchaser for the purposes of the sale.