19.—(1) Subject to paragraphs (2), (3) and (4), a certificate of entitlement for a motor vehicle shall not be transferable at any time before the certificate of entitlement is used to register a motor vehicle.
(2) Any person (other than a company) to whom a certificate of entitlement is issued may at any time before the certificate of entitlement is used to register a motor vehicle, with the approval of the Registrar and on payment of a fee of $10, transfer the certificate of entitlement to another person.
(3) Any motor vehicle dealer registered with the Registrar may, on payment of a fee of $10, transfer any certificate of entitlement issued to him for any quota period before October 1991 to any person who is purchasing a motor vehicle which he is authorised to import and sell or otherwise distribute in Singapore.
(4) Notwithstanding paragraph (2), a certificate of entitlement issued for any quota period on or after October 1991 for a motor vehicle falling within a category of vehicles referred to in rule 3 (a), (b), (d), or (f) shall not be transferable at any time before the certificate of entitlement is used to register a motor vehicle.