(1) In this section "transfer" means a transfer provided for by a share transfer instrument or order, by a mandatory reduction instrument or by a resolution instrument.
(2) A transfer takes effect by virtue of the instrument or order (and in accordance with its provisions as to timing or other ancillary matters).
(3) A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way.
(4) In subsection (3) "restriction" includes -
(a) any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and
(b) a requirement for consent (by any name).
(5) A share transfer instrument or order, a mandatory reduction instrument or a resolution instrument may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment).
(6) A share transfer instrument or order, a mandatory reduction instru
…