Transferability of securities: securities of non-private companies are freely transferable and cannot be arbitrarily refused registration. Registration requires a properly stamped and executed instrument in the prescribed form plus the share or debenture certificate; company certification indicates production of documents showing prima facie title but not indefeasible title. Applications may be made by transferor or transferee; partly paid shares require notice to transferee. Companies must notify and state reasons for refusal to register and appellants may appeal to the Tribunal. Securities of non private companies are freely transferable without board discretion, subject to statutory controls on acquisitions affecting control, government directions to protect public or company interest, and restrictions during winding up.