16. Trusts not recognised
(1) No notice of any trust express, implied or constructive shall be received by the Commission, and no entry of any trust shall be made in the Stock Ledger or any other record kept by the Commission.
(2) Stock shall not be inscribed in the names of executors, administrators or trustees as such but in their individual names without reference to trusteeship.
(3) The Commission or Registrar shall not be bound to recognise any equitable or other claim to or interest in stock on the part of any person other than the person or persons whose name or names is or are inscribed in the Stock Ledger in respect of that stock.
Only persons whose names are inscribed recognised as owners