(1) None of the following shall be regarded as to any extent invalid at law on the ground of inconsistency with the law relating to the distribution of the assets of a person on bankruptcy, winding up, administration, sequestration or under a protected trust deed, or in the administration of an insolvent estate or with the law relating to other insolvency proceedings of a country or territory outside the United Kingdom -

(a) a transfer order;

(b) the default arrangements of a designated system;

(c) the rules of a designated system as to the settlement of transfer orders not dealt with under its default arrangements;

(d) a contract for the purpose of realising collateral security in connection with participation in a designated system or in a system which is an interoperable system in relation to that designated system otherwise than pursuant to its default arrangements; or

(e) a contract for the purpose of realising collateral security in connection with the functions of a central bank.