The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989

Transfer of units by act of parties

34.—(1) Subject to paragraph (2), the terms of a scheme must provide that every participant is entitled to transfer units held by him and in respect of which he is entered in the register either–

(a)in the case of units purchased on or under the rules of a recognised investment exchange, by any form of transfer which is commonly used for the transfer of investments listed or dealt in on the relevant exchange; or

(b)in any other case, in any usual or common form or in such other form as may from time to time be approved by the operator.

(2) The terms of a scheme may provide that the operator is not under any duty to accept a transfer if the terms of the scheme contain a limitation upon the categories of persons who may be participants and the transferee is not within one of those categories.

(3) The terms of a scheme must provide that–

(a)every instrument of transfer of units must, except in a case in which any enactment or any rule of a recognised investment exchange requires otherwise, be signed by or on behalf of the participant transferring the units (or, in the case of a body corporate, be sealed by that body or signed by one of its officers) and that the transferor shall be taken to remain the participant in respect of the units transferred until the name of the transferee has been entered in the register; and

(b)every instrument must, if required, be duly stamped and accompanied by any necessary declarations or other documents that may be required under any enactment and by such evidence as may be required to prove the title of the transferor or his right to transfer the units or, in the case of a body corporate, the authority of the signatory on its behalf.