Central Bank Act, 1989.

Electronic transfer of certain securities.

139.—(1) Notwithstanding anything to the contrary contained in any enactment, or in any prospectus or other document, relating to the terms of issue, holding or transfer of designated securities, a transfer of such securities may be made and shall be effective if made through a computerised system established by the Bank.

(2) (a) In subsection (1) “designated securities” means securities which have been designated by the Minister for the purposes of that subsection either—

(i) by particular reference to a security of a named type, or

(ii) generally by reference to a class or classes of securities (including, where so designated, future issues of a class or classes of securities).

(b) A designation for the purposes of subsection (1) shall not be effective until communicated in writing to the Bank.

(3) Section 1 of the Stock Transfer Act, 1963 , is hereby amended by the addition of the following subsection:

“(2) References in this Act to ‘a stock transfer’ shall, in addition to applying to an instrument under hand in a form set out in the First Schedule to this Act, be construed, where the context so allows, as including a transfer to which section 139 of the Central Bank Act, 1989, applies as if it were a transfer in a form so set out and in respect of which no brokers transfer is necessary.”.