Clauses of the Real Estate Securitization Act Article 39
Beneficial Securities shall be in registered form, and the transfer thereof shall be made in endorsement. Such transfer shall not be held valid against the Trustee unless the Trustee has been informed of the name or title and address of the transferee.The transfer of the Beneficial Securities shall not be held valid against any third party unless the name or title of the transferee has been recorded on the Beneficial Securities.If the Beneficial Securities are issued or delivered through a book-entry system, no physical securities are required to be printed, and the transfer, settlement of trades and pledge thereof shall be handled in accordance with Article 43 of the Securities and Exchange Act.
中文原文 不動產證券化條例第39條
受益證券應為記名式，其轉讓並應以背書方式為之；且非將受讓人之姓名或名稱、住所通知受託機構，不得對抗受託機構。
受益證券之轉讓，非將受讓人之姓名或名稱記載於該受益證券，不得對抗第三人。
受益證券以帳簿劃撥方式發行或交付有價證券者，得不印製實體有價證券；其轉讓、買賣之交割、設質之交付等事項，依證券交易法第四十三條規定辦理。
受益證券之轉讓，非將受讓人之姓名或名稱記載於該受益證券，不得對抗第三人。
受益證券以帳簿劃撥方式發行或交付有價證券者，得不印製實體有價證券；其轉讓、買賣之交割、設質之交付等事項，依證券交易法第四十三條規定辦理。