1087L. Notwithstanding section 94(4), section 2 (1) of the Stock Transfer Act 1963 or any other enactment, a written instrument of transfer shall not be necessary to transfer the title to applicable securities –

(a) that are shares, or

(b) in the case of applicable securities other than shares, that are transferred –

(i) from a central securities depository or its nominee to any holder of the rights or interests in those securities,

(ii) from one central securities depository or its nominee to another central securities depository or its nominee, or

(iii) to a central securities depository or its nominee from any holder of the rights or interests in those securities.]