25. Transmission on death
(1) The executor, administrator or trustee of the estate of a deceased stockholder (not being one of several joint stockholders) shall be the only person recognised by the Commission as having any title to the stock inscribed in the name of the deceased stockholder.
(2) When one of the stock holders in a joint account relating to stock dies the survivor or survivors in the joint account shall be the only person or persons recognised by the Commission as having any title to or interest in that stock.
(3) On completion of the proof of a death of a joint stockholder in a joint account and on receipt by the Registrar of an application for transmission in writing from the survivor or survivors in the joint account the stock shall be registered in the name of the survivor or survivors.
(4) A person is not required to reseal in the State any probate of a will or letter of administration of an estate in order that a transmission of stock may be registered under these regulations if, in respect of the stock, probate of a will or letters of administration of an estate is or are produced to the registrar together with such further information as he may require.
(5) Unless the Registrar otherwise requires, in the case of a transmission consequent on death where neither the probate of the will nor the letters of administration are produced to the Registrar, then ¾
(a) in the case of transmission to a survivor or the survivors of a joint owner; or
(b) in a case where the aggregate sum to be transmitted does not exceed $3 000,
a certificate of the death of the owner who has died, accompanied by a statutory declaration identifying the person named in the death certificate with the person who is shown as the registered owner of the stock, setting out the reasons why probate or letters of administration are not produced and declaring that the sum transmitted will be dealt with according to law, may be produced to the Registrar instead of the probate of the will or the letters of administration.
(6) A person shall not have any claim against the commission in respect to any transmission in pursuance of this regulation, but nothing in this regulation shall relieve the person to whom the stock is transmitted from any liability to account for or deal with the stock according to law.