(1) Section 73 of the Principal Act is amended in subsection (1) -
(a) in paragraph (b) by substituting "in priority, or" for "in priority.", and
(b) by inserting the following after paragraph (b):
"(c) in respect of an operator-instruction effecting a transfer of rights to securities, in a company which is not an unquoted company within the meaning of section 63, where that transfer is a renunciation of those rights under a letter of allotment.".
(2) This section has effect in relation to instruments executed on or after 1 March 2003.