Section 12: Transfer of registered stock.

(1) For the purposes of this Act, the title of any stock holder to any registered stock shall not be deemed to be transferred to any other person save upon the execution of an approved instrument of transfer and upon the registration of the transferee as the stock holder under section 13 of this Act.
(2) Interest which has fallen due in respect of any registered stock but which has not been paid to the stock holder for the time being, shall not be deemed to be payable to a transferee of that stock unless the instrument of transfer expressly provides for the payment of that interest to that transferee.