25. Rights of Purchaser

(1) On Delivery of a Certificated Investment or Uncertificated Investment to a Purchaser, the Purchaser acquires all rights in the Investment that the Transferor had or had power to Transfer.

(2) A Purchaser of a limited interest acquires rights only to the extent of the interest purchased.

(3) A Purchaser of an Investment who has notice of a Third Party Property Interest takes subject to the interest.

26. Right of Transferee of Security to Transfer Authority for registration etc.

(1) Unless otherwise agreed between the Transferor and Transferee of a Security, the Transferor must, on demand, give the Transferee proof of the Transferor’s authority to Transfer the Security or any Transfer Authority (or evidence of Transfer Authority) that may be necessary to obtain registration of the Transfer of the Security. However, if the Transfer is not for value, the Transferor need not comply with the demand unless the Transferee pays (or offers to pay) the Transferor’s necessary expenses.

(2) If the Transferor Fails to comply with the demand within a reasonable time, then, without prejudice to any other right or remedy, the Transferee may reject or rescind the Transfer.