Section 22 — MAS to be discharged by action on instructions

(1)The MAS is not liable for conversion or for participation in any breach of fiduciary duty where the MAS has, in respect of book‑entry securities maintained in accounts maintained by the MAS —

(a)effected pledges or made entries regarding the securities; or

(b)transferred or delivered the securities, according to the instructions of its depositor even though the depositor had no right to dispose of or take any other action in respect of the securities.

(2)The MAS is fully discharged of its obligations under this Part by the transfer or delivery of book‑entry securities upon the instructions of its depositor.