# Banking Act 2009, Section 17: Effect

Extent: E+W+S+N.I.

(1) In this section “transfer” means a transfer provided for by a share transfer instrument or order, by a mandatory reduction instrument or by a resolution instrument.
(2) A transfer takes effect by virtue of the instrument or order (and in accordance with its provisions as to timing or other ancillary matters).
(3) A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.
(4) In subsection (3) “restriction” includes—
(a) any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and
(b) a requirement for consent (by any name).
(5) A share transfer instrument or order, a mandatory reduction instrument or 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).
(6) A share transfer instrument or order, a mandatory reduction instrument or a resolution instrument may extinguish rights to acquire securities falling within Class 1 or 2 in section 14.

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Source: https://www.legislation.gov.uk/ukpga/2009/1/section/17 (the official version)
Page: https://openlegislation.uk/banking-act-2009/section-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.