Section 17 EffectI1I2

In this section “transfer” means a transfer provided for by a share transfer instrument or orderF1, by a mandatory reduction instrument F2or by a resolution instrument.

A transfer takes effect by virtue of the instrument or order (and in accordance with its provisions as to timing or other ancillary matters).

A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.

In subsection (3) “restriction” includes—

A share transfer instrument or orderF3, a mandatory reduction instrument F4or a resolution instrument may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment).

A share transfer instrument or orderF5, a mandatory reduction instrument F6or a resolution instrument may extinguish rights to acquire securities falling within Class 1 or 2 in section 14.