Securities Investment Trust and Consulting Act Article 34

Beneficiary certificate may freely be transferred unless otherwise provided by law.The transfer of beneficiary certificate shall be effected by endorsement and delivery by the beneficiary, and the transferee's name shall be specified on the beneficiary certificate.A transfer under the preceding paragraph shall not be asserted as a defense against a securities investment trust enterprise unless the name or title and domicile or residence of the transferee have been specified by the beneficiaries' register of the securities investment trust enterprise.The preceding paragraph does not apply to the transfer of beneficiary certificate effected by means of book-entry transfer or registration. Regulations governing book-entry transfer or registration shall be promulgated by the Competent Authority.