Section 605(3)

A person otherwise liable under subsection (1) or (2) is exempted from that liability if either— he is a purchaser for value and, at the time of the purchase, he did not have actual notice of the contravention concerned, or he derived title to the shares (directly or indirectly) from a person who became a holder of them after the contravention and was not liable under subsection (1) or (2).

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Source: legislation.gov.uk · retrieved 2026-09-04