44. (1) The certification by an ICAV of any instrument of transfer of shares in or debentures of the ICAV shall be taken as a representation by the ICAV to any person acting on the faith of the certificate that there have been produced to the ICAV such documents as on the face of them show a prima facie title to the shares or debentures in the transferor named in the instrument of transfer, but not as a representation that the transferor has any title to the shares or debentures.

(2) For the purposes of subsection (1), an instrument shall be deemed to be certified if—

(a) the instrument bears the words “certificate lodged” (or words to the same effect), and

(b) the instrument is signed by a person acting under authority (whether express or implied) given by the ICAV to issue and sign such certificates.

(3) For the purposes of subsection (2), a certificate shall be deemed to be signed by any person if—

(a) it purports to be authenticated by the person’s signature or initials (whether hand written or not), and

(b) it is not shown that the signature or initials was or were placed there neither by the person nor by any person authorised to use the signature or initials for the purpose of certifying transfers on the ICAV’s behalf.

(4) Where any person acts on the faith of a false certificate by an ICAV made negligently, the ICAV shall be under the same liability to the person as if the certificate had been made fraudulently.