(1) If Division 3 rights relating to Division 3 assets are transferred by means of a sufficient transfer, the transferee is taken:
(a) to have applied at the execution time to the issuer in relation to the Division 3 assets for the issue to the transferee of the Division 3 assets; and
(b) to have agreed at the execution time to accept the Division 3 assets subject to the terms and conditions on which the issuer offers them for subscription.
(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.