Stock Transfer Act 1965

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1965/1965-0008/StockTransferAct1965_1.pdf
Published: 2012-09-01

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Stock Transfer Act 1965

c i e
AT 8 of 1965

STOCK TRANSFER ACT 1965

Stock Transfer Act 1965 Index


c AT 8 of 1965 Page 3

c i e
STOCK TRANSFER ACT 1965

Index Section Page

1 Simplified transfer of securities .................................................................................... 5
2 Supplementary provisions as to simplified transfer .................................................. 6
3 Additional provisions as to transfer forms ................................................................. 7
4 Interpretation ................................................................................................................... 8
5 Short title and commencement ..................................................................................... 8
SCHEDULE 1 9

STOCK TRANSFER FORM 9
SCHEDULE 2 11

BROKERS TRANSFER FORM 11
ENDNOTES 13

TABLE OF LEGISLATION HISTORY 13
TABLE OF RENUMBERED PROVISIONS 13
TABLE OF ENDNOTE REFERENCES 13

Stock Transfer Act 1965 Section 1


c AT 8 of 1965 Page 5

c i e
STOCK TRANSFER ACT 1965

Received Royal Assent: 3 August 1965
Passed: 19 October 1965
Commenced: 19 October 1965
AN ACT
to amend the law with respect to the transfer of securities.
1 Simplified transfer of securities

(1) Registered securities to which this section applies may be transferred by
means of an instrument under hand in the form set out in Schedule 1 to
this Act (in this Act referred to as a stock transfer), executed by the
transferor only and specifying (in addition to the particulars of the
consideration, of the description and number or amount of the securities,
and of the person by whom the transfer is made), the full name and
address of the transferee.1

‘4

(1) Section 1 of the Act shall have effect subject to the amendment
that a sold transfer form, and a stock transfer form used to
transfer securities to a stock exchange nominee, need not
specify —
(a) particulars of the consideration;
(b) the address of the transferee.
(2) Section 1 of the Act shall have effect subject to the further
amendment that a bought transfer form, and a stock transfer form
used to transfer securities from a stock exchange nominee, need
not, in the case of a transferor which is a body corporate, be
executed under hand but shall be sufficiently executed by or on
behalf of such transferor if they bear a facsimile of the corporate
seal of the transferor, authenticated by the signature (whether
actual, or facsimile) of a director or the secretary of the
transferor.’]
(2) The execution of a stock transfer need not be attested; and where such a
transfer has been executed for the purpose of a stock exchange
Section 2 Stock Transfer Act 1965


Page 6 AT 8 of 1965 c

transaction, the particulars of the consideration and of the transferee may
either be inserted in that transfer or, as the case may require, supplied by
means of separate instruments in the form set out in Schedule 2 to this
Act (in this Act referred to as brokers transfers), identifying the stock
transfer and specifying the securities to which each such instrument
relates and the consideration paid for those securities.
(3) Nothing in this section shall be construed as affecting the validity of any
instrument which would be effective to transfer securities apart from this
section; and any instrument purporting to be made in any form which
was common or usual before the commencement of this Act, or in any
form authorised or required for that purpose apart from this section,
shall be sufficient, whether or not it is completed in accordance with the
form, if it complies with the requirements as to execution and contents
which apply to a stock transfer.
(4) This section applies to fully paid up registered securities of any
description, being —
(a) securities issued by any company within the meaning of the
Companies Act, 1931, except a company limited by guarantee or
an unlimited company;
(b) securities issued by any body (other than a company within the
meaning of the said Act) incorporated in the Isle of Man under
any enactment or by Royal Charter except a society registered
under the Industrial and Building Societies Acts, 1892 to 1963;
(c) units of an authorised scheme or a recognised scheme within the
meaning of the Collective Investment Schemes Act 2008;2

(d) securities issued by the Government of the Isle of Man;
(e) securities issued by a Board of Tynwald or a commercial Board
within the meaning of the Payment of Members’ Expenses Act,
1957;
(f) securities issued by the Isle of Man Education Authority;
(g) securities issued by any local authority.
2 Supplementary provisions as to simplified transfer

(1) Section one of this Act shall have effect in relation to the transfer of any
securities to which that section applies notwithstanding anything to the
contrary in any enactment or instrument relating to the transfer of those
securities; but nothing in that section affects —
(a) any right to refuse to register a person as the holder of any
securities on any ground other than the form in which those
securities purport to be transferred to him; or
(b) any enactment or rule of law regulating the execution of
documents by companies or other bodies corporate, or any
Stock Transfer Act 1965 Section 3


c AT 8 of 1965 Page 7

articles of association or other instrument regulating the execution
of documents by any particular company or body corporate.
(2) Subject to the provisions of this section, any enactment or instrument
relating to the transfer of securities to which section one of this Act
applies shall, with any necessary modifications, apply in relation to an
instrument of transfer authorised by that section as it applies in relation
to an instrument of transfer to which it applies apart from this
subsection.
(3) In relation to the transfer of securities by means of a stock transfer and a
brokers transfer —
(a) any reference in any enactment or instrument (including in
particular section 64 of the Companies Act, 1931) to the delivery
or lodging of an instrument (or proper instrument) of transfer
shall be construed as a reference to the delivery or lodging of the
stock transfer and the brokers transfer;
(b) any such reference to the date on which an instrument of transfer
is delivered or lodged shall be construed as a reference to the date
by which the later of those transfers to be delivered or lodged has
been delivered or lodged.
3 Additional provisions as to transfer forms

(1) References in this Act to the forms set out in Schedule 1 and Schedule 2
include references to forms substantially corresponding to those forms
respectively.
(2) The Treasury may by order amend the said Schedules either by altering
the forms set out therein or by substituting different forms for those
forms or by the addition of forms for use as alternatives to those forms;
and references in this Act to the forms set out in those Schedules
(including references in this section) shall be construed accordingly.3

(3) Any order under subsection (2) of this section which substitutes a
different form for a form set out in Schedule 1 to this Act may direct that
subsection (3) of section one of this Act shall apply with any necessary
modifications, in relation to the form for which that form is substituted
as it applies to any form which was common or usual before the
commencement of this Act.
(4) Any order of the Treasury under this section may be varied or revoked
by a subsequent order; and any order made by virtue of this section shall
be subject to annulment in pursuance of a resolution of Tynwald.4

(5) An order under subsection (2) of this section may provide —
(a) for forms on which some of the particulars mentioned in
subsection (1) of section 1 of this Act are not required to be
specified;
Section 4 Stock Transfer Act 1965


Page 8 AT 8 of 1965 c

(b) for that section to have effect, in relation to such forms as are
mentioned in paragraph (a) of this subsection or other forms
specified in the order, subject to such amendments as are so
specified (which may include an amendment of the reference in
subsection (1) of that section to an instrument under hand);
(c) for all or any of the provisions of the order to have effect in such
cases only as are specified in the order.5

4 Interpretation

(1) In this Act the following expressions have the meanings hereby
respectively assigned to them, that is to say —
“registered securities
” means transferable securities the holders of which are
entered in a register in the Isle of Man;
“securities
” means shares, stock debentures, debenture stock, loan stock, bonds,
units of a collective investment scheme within the meaning of the
Collective Investment Schemes Act 2008 and other securities of any
description;6

“stock exchange transaction
” means a sale and purchase of securities in which
each of the parties is a member of a stock exchange acting in the ordinary
course of his business as such or is acting through the agency of such a
member;
“stock exchange
” means the Stock Exchange, London and any other stock
exchange (whether in Great Britain or not) which is declared by order of
the Treasury to be a recognised stock exchange for the purposes of this
Act.7

(2) Any order of the Treasury under this section may be varied or revoked
by a subsequent order.8

5 Short title and commencement

(1) This Act may be cited as the Stock Transfer Act, 1965.
(2) This Act shall come into operation when the Royal Assent thereto has
been by the Governor announced to Tynwald and a certificate thereof
has been signed by the Governor and the Speaker of the House of Keys.
Stock Transfer Act 1965 Schedule 1



c AT 8 of 1965 Page 9

Schedule 1

Section 19

STOCK TRANSFER FORM

Consideration Money £
Certificate lodged with the Registrar.
(For completion by the Registrar/Stock Exchange)
Full name of Undertaking:
Full description of security:
Number or amount of
shares, stock or other
security and, in figures
columns only, number and
denomination of units, if
any.
Words Figures


( units of

).
Name(s) of registered
holder(s) should be given
in full: the address should
be given
where there is only one
holder.
in the name(s) of
If the transfer is not made
by the registered holder(s)
insert also the name(s) and
capacity (e.g., Executor(s)
of the person(s) making
the transfer.)

I/We hereby transfer the
above security out of the
name(s) aforesaid to the
persons(s) named below or
to the several persons
named in Parts 2 of
Brokers Forms relating to
the above security:
Stamp of Selling Brokers(s) or, for
transactions which are not stock exchange
transactions, of Agents(s) if any, acting for
the Transferor(s)
Delete words in
italics for stock
exchange
transactions.
Bodies corporate
should execute
under their common
seal.

Signature(s) of transferor(s)


1 ................................................. 2 .................................................


3 ................................................. 4 .................................................


Date
.............................................................
Stock Transfer Act 1965


Page 10 AT 8 of 1965 c

Full name(s), full postal
address(es) (including County or,
if applicable Postal District
number) of the person(s) to whom
the security is transferred.

Please state title, if any, or whether
Mr., Mrs., or Miss.

Please complete in typewriting or
in Block Capitals.

I/We request that such entries be
made in the register as are
necessary to give effect to this
transfer.

Stamp of Buying Broker(s) (if any) Stamp or name and address of person lodging this form
(if other than the Buying Broker(s).
(Endorsement for use only in stock exchange transactions). The security represented by the
transfer overleaf has been sold as follows:
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
............................................................Shares/Stock ............................................................Shares/Stock
Balance (if any) due to Selling Broker(s)


Amount of Certificate(s)





Brokers Transfer Forms for above amounts certified


Stamp of certifying Stock Exchange Stamp of Selling Broker(s)





Stock Transfer Act 1965 Schedule 2



c AT 8 of 1965 Page 11

Schedule 2

BROKERS TRANSFER FORM

Consideration Money £ Certificate lodged with the Registrar. (For completion by
the Registrar/ Stock Exchange)
Part 1 Full name of Undertaking:
Full description of security:
Number or amount of shares, stock
or other security and, in figures
columns only, number and
denomination of units, if any.
Words Figures

(...units of
).
Name(s) of registered holder(s)
should be given in full: the address
should be given where there is
only one holder.
in the name(s) of
If the transfer is not made by the
registered holder(s) insert also the
name(s) and
capacity (e.g., Executor(s) of the
person(s) making the transfer.)

I/We confirm that the Stock Transfer Form relating to the
security set out above has been lodged with the Registrar,
and that the said security has been sold by me/us by a
stock exchange transaction within the meaning of the
Stock Transfer Act, 1965.

Date and Stamp of Selling Broker(s).
Part 2
Full name(s), full postal address(es)
(including County or, if applicable,
Postal District number) of the
person(s) to whom the security is
transferred.
Please state title, if any, or whether
Mr., Mrs., or Miss.

Please complete in typewriting or
in Block Capitals.

I/We confirm that the security set
out in Part 1 above has been
purchased by a stock exchange
transaction within the meaning of
the Stock Transfer Act, 1965 and
I/We request that such entries be
made in the register as are
necessary to give effect
to this transfer.

Stamp of Buying Broker(s) Stamp of Lodging Agent (if other than the Buying
Broker(s)).

Stock Transfer Act 1965 Endnotes


c AT 8 of 1965 Page 13

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
S 1 amended by GC116/79, as follows 2
Para (c) substituted by Collective Investment Schemes Act 2008 Sch 6. 3
Subs (2) amended by Treasury Act 1985 Sch 2. 4
Subs (4) amended by Treasury Act 1985 Sch 2. 5
Subs (5) added by Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979 s
4. 6
Definition of ‘securities’ substituted by Collective Investment Schemes Act 2008 Sch 6. 7
Definition of ‘stock exchange’ amended by Treasury Act 1985 Sch 2. 8
Subs (2) amended by Treasury Act 1985 Sch 2. 9
For Talisman Bought Transfer Form added to this Sch see GC116/79; and for Talisman
Sold Transfer Form see GC72/90.