s 16M Change of medium from transferable document or instrument to electronic transferable record
16M.—(1) An electronic transferable record may replace a transferable document or instrument if a reliable method for the change of medium in accordance with this section is used.[5/2021] (2) For the change of medium mentioned in subsection (1) to take effect, the following requirements must be satisfied:(a) all the information contained in the transferable document or instrument must be accurately reproduced in the electronic transferable record that replaces the transferable document or instrument; (b) a statement indicating a change of medium must be inserted in the electronic transferable record that replaces the transferable document or instrument.[5/2021] (3) Upon the issuance of the electronic transferable record in accordance with subsections (1) and (2), the transferable document or instrument —(a) ceases to have any effect or validity; and (b) must be made inoperative.[5/2021] (4) A change of medium in accordance with subsections (1) and (2) does not affect the rights and obligations of the parties.[5/2021]