(1) If Division 3 assets are transferred by means of a sufficient transfer:
(a) the transferee is taken to have agreed at the execution time to accept the Division 3 assets subject to the terms and conditions on which the transferor held them at that time; and
(b) the terms and conditions are the terms and conditions applicable as between:
(i) the issuer in relation to the Division 3 assets; and
(ii) the holder for the time being of the Division 3 assets.
(2) If the Division 3 assets are shares, the transferee is also taken to have agreed, at the execution time:
(a) to become a member of the issuer; and
(b) to be bound, on being registered as the holder of the shares, by the issuer's constitution.