19.—(1) A certificate of entitlement may, on application and on payment of a fee of $10, be transferable at any time before it is used to register a vehicle where —
(a)
the person to whom the certificate of entitlement is issued is an individual; and
(b)
the certificate of entitlement is issued for a vehicle falling within the category of vehicles referred to in rule 3(1)(c) or (e).
(2) In any other case, a certificate of entitlement shall not be transferable to another person before it is used to register a vehicle, except with the prior approval of the Registrar (which may be given subject to such conditions as the Registrar considers appropriate) and subject to payment of a fee of $10.