against any loss or damage arising from the first-mentioned
member organisation not having been authorised by the transferor to effect the
transfer.
(4) The effect of section 1109B is to be disregarded in determining, for
the purposes of this section, whether a person or partnership:
- (a)
- was
legally entitled or authorised to transfer quoted securities or quoted rights;
or
- (b)
- was authorised by another person or partnership to effect a transfer of
quoted securities or quoted rights.