That's an excellent question. The answer is that the laws in the provinces that have passed personal property securities legislation state that, for a federal corporation, the applicable provincial or territorial law relates to the province in which it has its registered office. It's a default rule that is provided there.
It also says that you can change it to any other jurisdiction you want. Even if your registered office is in one jurisdiction, you could put it another jurisdiction.
One of our more detailed recommendations is to put a provision in the act that gives the maximum flexibility to the corporations to choose the law of the jurisdiction of their choice to govern their securities transfers.