18.—(1) A transfer of an RTF certificate may be made between any persons who are account holders.
(2) Such a transfer is not effective unless—
(a)the transferor notifies the Administrator of the following details of the transfer—
(i)the name and account number of the account holder to whom the certificate is transferred,
(ii)the date of the transfer (“the notified date”), and
(iii)the obligation period in respect of which the certificate was issued;
(b)the transferor so notifies the Administrator—
(i)through a website of the Administrator, or
(ii)in another manner, in a case where the Administrator determines that it is necessary to allow notification in that manner;
(c)the transferor so notifies the Administrator—
(i)on the date of the transfer, or
(ii)before the date of the transfer, in which case the notification must be within the period of one month ending immediately before the date of the transfer;
(d)the transfer relates to not more than one transferee;
(e)the RTF certificate is held to the credit of the transferor’s account at the date and time of the transfer, and
(f)the Administrator is satisfied that, at the date of the transfer, there is no reason to consider the revocation of the certificate under article 20.
(3) Where—
(a)a transfer relates to some (but not all) of the RTF certificates held by a transferor on the date of the transfer, and
(b)the RTF certificates held by the transferor on that date were not all issued at the same date and time,
it is to be presumed, unless the contrary is shown, that the transfer relates to the certificates which were issued at the earlier dates and times.
(4) In the event of there being an insufficient number of certificates held to the credit of a transferor’s account on the notified date to transfer certificates to two or more transferees, the Administrator must give priority to the transfer which was first notified to the Administrator.
(5) For the purposes of this Order, the Administrator transfers an RTF certificate from one account holder (“the transferor”) to another account holder (“the transferee”) by recording a debit of an RTF certificate in the transferor’s RTF account and a credit of an RTF certificate in the RTF account of the transferee.