Schedule 11, Part 5, paragraph 42

In this paragraph “transfer” means a transfer provided for by a share transfer instrument. A transfer takes effect by virtue of the instrument (and in accordance with its provisions as to timing or other ancillary matters). A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way. In sub-paragraph (3) “restriction” includes— any restriction, inability or incapacity affecting what can or cannot be assigned or transferred (whether generally or by a particular person), and a requirement for consent (by any name). A share transfer instrument may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment). A share transfer instrument may extinguish rights to acquire securities falling within Class 1 or 2 in paragraph 40.

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