(1) In this section "transfer" means a transfer provided for by a property transfer instrument.
(2) A transfer takes effect by virtue of the instrument (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 property transfer instrument may provide for a transfer to be conditional upon a specified event or situation -
(a) occurring or arising, or
(b) not occurring or arising.
(6) A property transfer instrument may include provision dealing with the consequences of breach of a condition imposed under subsection (5); and the consequences may include -
(a) automatic vesting in the original transferor;
…