Part 3. Transfer Of Certificated And Uncertificated Securities.

1. (a) Delivery of a certificated security to a purchaser occurs when:

   1. (1) The purchaser acquires possession of the security certificate;
   2. (2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or

   3. (3) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is:

      1. (i) Registered in the name of the purchaser;
      2. (ii) payable to the order of the purchaser; or (iii) specially endorsed to the purchaser by an effective endorsement and has not been endorsed to the securities intermediary or in blank.

2. (b) Delivery of an uncertificated security to a purchaser occurs when:

   1. (1) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or
   2. (2) Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.