Schedule 11: Central counterparties Part 5 – Special resolution action Effect
Paragraph 42 outlines that a ‘transfer’ (a transfer provided for by a share transfer instrument) takes effect despite any restrictions arising from contracts or legislation (sub-paragraph (3)), and can take effect free from any trust, liability or other encumbrance (sub-paragraph (5)). It can also extinguish any rights to acquire securities arising from shares, stock or debentures (sub-paragraph (6)).