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Distinction between stock certificates to bearer and nominal certificates.
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32. A stock certificate, unless a name is inscribed therein, shall entitle the bearer to the stock therein described, and shall be transferable by delivery.
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The bearer of a stock certificate may convert the same into a nominal certificate by inserting therein, in manner prescribed by any regulation made in pursuance of this part of this Act, the name, address, and quality of some person.
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A stock certificate when it becomes nominal shall not be transferable, and the person named therein (in this part of this Act called the nominee), or some person deriving title from him by devolution in law, as in this part of this Act mentioned, shall alone be recognized by the Bank of England or of Ireland as entitled to the stock described in the certificate.
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On the death of the nominee, his personal representative, and on his bankruptcy his assignee, and on the marriage of the nominee, being a female, her husband, shall alone be recognized by the Bank of England or of Ireland as entitled to the stock described in the certificate, and shall be deemed the nominee in that certificate.
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