Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
191 Acquisition of rights
acquires the rights in it that the transferor had or had authority to
convey.
(2) A good faith purchaser of a security acquires it free from any
adverse claim.
(3) A purchaser who was a party to a fraud or illegality affecting a
security or who, as a prior holder, had notice of an adverse claim
does not have a better position by taking from a later good faith
purchaser.