Sections 14-16: Securities assets Section 17: Transfers: general
Subsection (1) provides that a transfer into the Scheme is not in itself a breach of trust or fiduciary duties. It also ensures that it does not give rise to any liabilities for any institution, other than the liability on the reclaim fund to meet reclaims. This does not absolve a participant, or anyone acting on its behalf, of any liabilities which are unconnected with the transfer. For example, where a participant acted negligently in managing an asset prior to its transfer, that liability is not extinguished by virtue of the transfer.
	Subsection (2) confirms that the right to reclaim an amount from the reclaim fund accommodates situations where that right has been passed on after the previous owner has died.
	Subsection (3) provides for a situation where, following a transfer into the Scheme, an institution has been succeeded by another (for example, through a take-over). References to the institution in sections 2, 5, 8, 12 and 14 should be taken to mean the successor in these scenarios.