sec.348GECs have no value after expiry

### sec.348 GECs have no value after expiry To remove any doubt, it is declared that— a GEC in force immediately before the expiry— expires on the expiry; and has no value and is of no effect; and a GEC created but not registered immediately before the expiry— can not be registered; and has no value and is of no effect; and a transfer of a GEC that has been started but has not, immediately before the commencement, taken effect, can not be completed. s 348 ins 2013 No. 42 s 34 - (a) a GEC in force immediately before the expiry— (i) expires on the expiry; and (ii) has no value and is of no effect; and - (i) expires on the expiry; and - (ii) has no value and is of no effect; and - (b) a GEC created but not registered immediately before the expiry— (i) can not be registered; and (ii) has no value and is of no effect; and - (i) can not be registered; and - (ii) has no value and is of no effect; and - (c) a transfer of a GEC that has been started but has not, immediately before the commencement, taken effect, can not be completed. - (i) expires on the expiry; and - (ii) has no value and is of no effect; and - (i) can not be registered; and - (ii) has no value and is of no effect; and