17EffectU.K.
(1)In this section “transfer” means a transfer provided for by a share transfer instrument or order[F1, by a mandatory reduction instrument] [F2or by a resolution instrument].
(2)A transfer takes effect by virtue of the instrument or order (and in accordance with its provisions as to timing or other ancillary matters).
(3)A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.
(4)In subsection (3) “restriction” includes—
(a)any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and
(b)a requirement for consent (by any name).
(5)A share transfer instrument or order[F3, a mandatory reduction instrument] [F4or a resolution instrument] may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment).
(6)A share transfer instrument or order[F5, a mandatory reduction instrument] [F6or a resolution instrument] may extinguish rights to acquire securities falling within Class 1 or 2 in section 14.
Textual Amendments
F1Words in s. 17(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(2)
F2Words in s. 17(1) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(a); S.I. 2014/3160, art. 2(1)(b)
F3Words in s. 17(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(3)
F4Words in s. 17(5) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(b); S.I. 2014/3160, art. 2(1)(b)
F5Words in s. 17(6) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 24(4)
F6Words in s. 17(6) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 14(c); S.I. 2014/3160, art. 2(1)(b)
Commencement Information
I1S. 17 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 17 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1