46(1)No transfer of shares or fractions thereof is, until entry thereof has been duly made in the share register or in a branch share register of the corporation, valid for any purpose whatsoever, save only as exhibiting the rights of the parties thereto towards each other.

46(2)Notwithstanding subsection (1), the delivery of any certificate for shares, with a duly executed transfer endorsed thereon or delivered therewith, constitutes a valid transfer of the shares comprised therein, if such shares are listed on any prescribed stock exchange at the time of such delivery.