4.2. Substitution of tangible documentary requirements

4.2.1 This rule applies in relation to any legal or regulatory requirement or restriction (a tangible documentary requirement) relating to:

1. (a) the creation, issue or provision; or
2. (b) the Endorsement; of a declaration, certificate, instrument, instruction, or other Document, in tangible form that applies in relation to the creation or issue of, or transfer of title to, Investments or rights in an Uncertificated Investment.

4.2.2 A tangible documentary requirement does not prevent:

1. (a) the creation or issue of, or registration of a transfer of title to, an Uncertificated Investment or rights in an Uncertificated Investment in accordance with subrule 4.2.3; or
2. (b) the conversion of an Investment into Uncertificated form in accordance with that subrule; or
3. (c) any action mentioned in paragraph (a) or (b) being legally valid and binding as if it were made fully in accordance with the tangible documentary requirement.

4.2.3 In relation to an Uncertificated Investment, any tangible documentary requirement is to be taken to be a requirement or restriction:

1. (a) if subrule 4.2.1(a) applies to the tangible documentary requirement—relating to the creation, issue or provision, as the case may be, of a record containing the information that the relevant Document is required to contain; and
2. (b) if subrule 4.2.1(b) applies to the tangible documentary requirement—relating to the provision of a statement, consent or information required by the tangible documentaryrequirement in any form (including by electronic means) by the Person to whom the tangible documentary requirement applies.

4.2.4 Where rule 2.3.1 applies, any provision of the law under which the Investment or the Issuer is constituted, or of the Terms of Issue, which is inconsistent for the purposes of that subrule, is not a tangible documentary requirement for the purposes of this rule.