{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-42",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-42.json",
  "legislation": "ukpga/2023/29",
  "legislation_title": "Financial Services and Markets Act 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023",
  "path": "schedule/11/paragraph/42",
  "kind": "paragraph",
  "number": "42",
  "heading": "Effect",
  "text": "(1) In this paragraph “transfer” means a transfer provided for by a share transfer instrument.\n(2) A transfer takes effect by virtue of the instrument (and in accordance with its provisions as to timing or other ancillary matters).\n(3) A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.\n(4) In sub-paragraph (3) “restriction” includes—\n(a) any restriction, inability or incapacity affecting what can or cannot be assigned or transferred (whether generally or by a particular person), and\n(b) a requirement for consent (by any name).\n(5) 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).\n(6) A share transfer instrument may extinguish rights to acquire securities falling within Class 1 or 2 in paragraph 40.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 42 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 42 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/42",
    "retrieved_at": "2026-10-29T08:52:13.792774+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}