Clause 8

This section applies to the designated shares held immediately before the implementation date as book‑entry securities deposited with the Depository in the name of the Board, in respect of any designated shareholder.(2) On the instructions of the Board to transfer any designated shares mentioned in subsection (1) to a direct account in the name of the designated shareholder as the sole account holder on the implementation date, the Depository must —

effect the transfer on the implementation date; and

make the appropriate entries in the Depository Register to name the designated shareholder as the depositor in respect of the book‑entry securities relating to those designated shares. (3) The Depository need not effect the transfer of designated shares to the direct account under subsection (2) if —

the Board has notified the Depository that the designated shares have vested in the Board under section 26(1);

despite the designated shareholder having such a direct account, the Board has notified the Depository —

that the designated shareholder’s designated shares must not be withdrawn from the relevant investment scheme; or

to defer the transfer to a later date within the transfer period; or

the designated shareholder does not have such a direct account.(4) Where any designated shares have not been transferred under subsection (2), the Depository must —

if the Board has not notified the Depository that the designated shareholder’s designated shares have vested in the Board under section 26(1) —

create a designated shares account in the name of the designated shareholder as the sole account holder; and

effect the transfer of the designated shareholder’s designated shares to that designated shares account; and

if the Board has notified the Depository that the designated shares have vested in the Board under section 26(1) — effect the transfer of the designated shares to the Board’s designated shares account.(5) As soon as possible after the creation of, and transfer of any designated shares to, a designated shares account under subsection (4)(a), the Depository must make the appropriate entries in its record of accounts and the Depository Register (as the case may be) to name the designated shareholder as —

the sole account holder of the designated shares account relating to those designated shares; and (b)the depositor in respect of the book‑entry securities relating to those designated shares.(6) As soon as possible after the transfer of any designated shares to the Board’s designated shares account under subsection (4)(b), the Depository must make the appropriate entries in its record of accounts and the Depository Register (as the case may be) to name the Board as the depositor in respect of the book‑entry securities relating to those designated shares.(7) The Depository must notify the designated shareholder of a transfer under this section as soon as possible after the transfer. Transfer of designated shares from designated shares account after implementation date26D.—

On the instructions of the Board to transfer any designated shares in a designated shares account in the name of the designated shareholder as the sole account holder to a direct account in the name of the designated shareholder as the sole account holder on a date within the transfer period, the Depository must effect the transfer as instructed if the designated shareholder has such a direct account on that date.(2) Where a designated shareholder’s designated shares vest in the Board under section 26(1) after the implementation date, on the instructions of the Board to transfer the designated shares in a designated shares account in the name of the designated shareholder as the sole account holder to the Board’s designated shares account, the Depository must —

effect the transfer as instructed; and

make the appropriate entries in the Depository Register to name the Board as the depositor in respect of the book‑entry securities relating to those designated shares.Provisions applicable to designated shares accounts and designated shares26E.—

Designated shares remain under the relevant investment scheme so long as —

the book‑entry securities relating to those designated shares are held in a designated shares account; or

in any other case, there exist circumstances prescribed in relation to this paragraph by regulations made under section 77(1). (2) The following payments (if any) in respect of designated shares under the relevant investment scheme (mentioned in subsection (1)) must be paid to the Board to be dealt with in accordance with this Act:

the proceeds of the sale of the designated shares;

all dividends, returned paid‑up share capital and other moneys in respect of the designated shares.(3) Subject to section 24 and the other provisions of this Division and the requirements applicable to the designated shares under the relevant investment scheme —

Part 3AA of the Securities and Futures Act 2001 applies to book‑entry securities in a designated shares account and their transfer out of that account as if they were book‑entry securities deposited with the Depository in a direct account in the name of a depositor, subject to any modifications or exclusions or supplementary, incidental, saving or transitional provisions applicable to the designated shares account prescribed by regulations made under section 81SU of the Securities and Futures Act 2001; (b)the depository rules apply in relation to a designated shares account as if it were a direct account, subject to any regulations made under section 44 of the Securities and Futures Act 2001; and

the Depository’s terms and conditions of the designated shares accounts (including any amendments made thereto from time to time) as approved by the Board and published on a publicly accessible website prescribed in accordance with section 25B(3)(c) are to be treated, and are to operate, as a binding contract between each depositor of a designated shares account and the Depository.(4) Where designated shares are held as book‑entry securities in a designated shares account in the name of a designated shareholder as the sole account holder —

the Board is not the depositor in relation to the designated shares; and (b)the Board has no rights or obligations in relation to the designated shares, except under subsection (2) or section 26C(6) or 26D(2) (in the case of a transfer of those designated shares) or if the designated shares are vested in the Board under section 26(1).Provision of information by Board or Depository26F.—

To facilitate the implementation of section 26C, 26D or 26E in respect of a designated shareholder’s designated shares, the Board may provide any permitted information to one or more of the following entities in anticipation of, during or after such implementation:

the Depository; (b)the approved corporation to which the designated shares relate;

any person authorised to act on behalf of, or engaged to provide services to, the Depository or the approved corporation (as the case may be) in relation to any purposes mentioned in subsection (2).(2) The Depository or the approved corporation (as the case may be) must not use any permitted information relating to a designated shareholder provided to it under subsection (1) except for the following purposes:

to facilitate the implementation of section 26C, 26D or 26E; (b)to carry out any other functions, duties or powers of the Depository or the approved corporation (as the case may be) under any written law in relation to the designated shareholder’s designated shares;

for any other purpose, with the consent of the designated shareholder. (3) A person mentioned in subsection (1)(c) must not use any permitted information relating to a designated shareholder provided under subsection (1), except to act as authorised or to provide a service, as mentioned in subsection (1)(c).(4) The Depository may, and must at the request of the Board, provide information relating to a designated shares account or designated shares to the Board for the implementation of this Division and the relevant investment scheme.(5) If any person uses permitted information knowing that, or reckless as to whether, the use contravenes subsection (2) or (3), the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both.Protection from liability in relation to section 26C, 26D, 26E or 26F26G.—

No criminal or civil liability is incurred by the Depository or any person acting under the direction of the Depository, for any act, omission or transaction carried out with reasonable care and in good faith for or purportedly for, or in anticipation of, the implementation of section 26C, 26D, 26E or 26F.(2) To avoid doubt, the Board and the Depository may implement sections 26C, 26D, 26E and 26F (except section 26F(2)(c)) without the consent, or despite any contrary instructions, of the designated shareholder.(3) This section does not limit any other protection the Depository, the Board or any person may have in relation to their activities.“Division 3 Bankruptcy”.