708. Registration Of Transfer

(1) A company may not register a transfer of shares in or debentures of the company unless-
(a) a proper instrument of transfer has been delivered to it, or
(b) the transfer is in accordance with rules made under Chapter 2 of this Part.
(2) Subsection (1) does not affect any power of the company to register as shareholder or debenture holder a person to whom the right to any shares in or debentures of the company has been transmitted by operation of law.