Article 16 Secured creditor’s right to sell financial instrument

(1)

Paragraphs (2) and (3) apply where—

(a)

a secured creditor is entitled to sell a financial instrument by virtue of section 68(1) of the Act (secured creditor’s right to sell), and

(b)

the instrument is of a kind admitted to trading in a public market in which the current market value is verifiable at the time of purchase.

(2)

Section 68(3) of the Act does not apply to the instrument.

(3)

The secured creditor is entitled to purchase the instrument but only—

(a)

in that market and

(b)

for market value.