The proprietor shall comply with any directions given by the Secretary of State with respect to the exercise of the rights conferred by section 2(1) above.

Directions under this section may be of a general or particular character and may be varied or revoked by subsequent directions.

A transaction between any person and the proprietor in his capacity as such shall not be void by reason only that the transaction was carried out in contravention of a direction given under this section; and a person dealing with the proprietor shall not be concerned to see or enquire whether a direction under this section has been given or complied with.