Paragraph 42 EffectI1I2
United Kingdom
In this paragraph “transfer” means a transfer provided for by a share transfer instrument.
A transfer takes effect by virtue of the instrument (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 sub-paragraph (3) “restriction” includes—
any restriction, inability or incapacity affecting what can or cannot be assigned or transferred (whether generally or by a particular person), and
a requirement for consent (by any name).
A share transfer 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 may extinguish rights to acquire securities falling within Class 1 or 2 in paragraph 40.
Annotations
Commencement
- I1
Sch. 11 para. 42 not in force at Royal Assent, see s. 86(3)
- I2
Sch. 11 para. 42 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)