(1) If a proper SCH transfer of quoted securities takes effect at a particular
time:
- (a)
- the transferee is taken to have agreed at that time to accept the
securities subject to the terms and conditions on which the transferor held
them immediately before that time, being the terms and conditions applicable
as between the issuing body in relation to, and the holder for the time being
of, the securities; and
- (b)
- if the securities are sharesthe transferee is also taken to have
agreed at that time to become a member of the issuing body and to be bound by
the issuing body's constitution.
(2) If a proper SCH transfer of quoted rights relating to marketable
securities takes effect at a particular time:
- (a)
- the transferee is taken:
- (i)
- to have applied at that time to the issuing body in relation to the
securities for the allotment to him, her or it of the marketable securities;
and
- (ii)
- to have agreed at that time to accept the marketable securities subject
to the terms and conditions on which the issuing body offers them for
subscription; and
- (b)
- if the marketable securities are sharesthe transferee is also taken
to have agreed, at that time, to become a member of the issuing body and to be
bound, on being registered as the holder of the shares, by the issuing body's
constitution.