Loan Fund Companies Act 1976
40Rights of transferees etc of shares and options
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40 Rights of transferees etc of shares and options
40 Rights of transferees etc of shares and options
(1) A person to whom any option to acquire loan entitlement shares in a loan fund company is, or any qualifying shares or loan entitlement shares in a loan fund company are, transmitted by operation of law or transferred shall have the same rights under or with respect to the option, qualifying shares or loan entitlement shares, including all rights with respect to the obtaining of a loan from the company, as those which were held by the person from or by whom the option was, or the qualifying shares or loan entitlement shares were, transmitted or transferred, as the case may be.
(2) The transmission or transfer of any option, qualifying shares or loan entitlement shares referred to in subsection (1) shall not affect the loan priority number allocated or deemed to have been allocated in respect of that option or those qualifying shares or loan entitlement shares.