2.3. Conditions for issue of Uncertificated Investments and dematerialisation

2.3.1 The Issuer of an Investment must not permit the holding of, or transfer of title to, the Investment in Uncertificated form if the law under which the Investment or the Issuer is constituted, or the Terms of Issue, are in any respect inconsistent with:

1. (a) the issue of the Investment in Uncertificated form; or
2. (b) the registration or transfer of title to the Investment in Uncertificated form; or
3. (c) these Rules.

2.3.2 If Investments are issued in or converted into Uncertificated form, all Investments of the relevant class must be held in Uncertificated form. However, this subrule does not limit the right of the Issuer subsequently to convert Uncertificated Investments to Certificated form under Part 5 (Rematerialisation).

2.3.3 Bearer Investments must not be converted into Uncertificated form.