196. Restrictions on transfers
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(1) A restriction or condition in a trust deed covering a debenture of a company, or in the debenture, does not limit the right of any person to transfer the debenture held by him or her.
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(2) A transfer of the shares or debentures of a shareholder or debenture holder of a company made by—
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(a) his or her personal representative;
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(b) a trustee in bankruptcy;
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(c) a receiver appointed by or for the benefit of debenture holders;
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(d) a receiver or other person appointed by the court to administer the estate of a person of unsound mind;
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(e) the guardian of a minor; or
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(f) a person appointed by the court to execute the transfer,
is, although the person executing the transfer is not himself or herself registered with the company as the holder of the shares or debentures, as the case may be, as valid as if he or she had been so registered at the time of the execution of the instrument of transfer.
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(3) This section applies in respect of a company despite anything contained in the articles or bye-laws of the company, and despite anything contained in any trust deed or debentures, or any contract or instrument relating to the shares or debentures of the company.