Section 20

The title of any person to a security for which he has given value on a transfer thereof, and the title of all persons claiming through or under him, shall, notwithstanding that the transfer, or any previous transfer, or the issue of the security, was by reason of the residence of any person concerned other than the firstmentioned person prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid unless the firstmentioned person had notice of the facts by reason of which it was prohibited.

Without prejudice to subsection (1), the Authority may issue a certificate declaring, in relation to a security, that any acts done before the issue of the certificate purporting to effect the issue or transfer of the security, being acts which were prohibited by this Act, are to be, and are always to have been, as valid as if they had been done with the permission of the Authority, and the acts shall have effect accordingly.

Nothing in this section shall affect the liability of any person to prosecution for any offence under this Act.