s 11 Termination rights
(1) Share transfer regulations may provide— (a) that share transfer regulations are to be disregarded in determining whether a default event provision applies, or (b) that share transfer regulations are to be disregarded in determining whether a default event provision applies except in so far as the regulations provide otherwise, (but need not provide for either). (2) In this section , “ default event provision ” means a provision of a contract or other agreement that— (a) has the effect that, if a specified event occurs or situation arises, any of the consequences referred to in subsection (3) will result, or (b) has the effect that a provision of the contract or agreement— (i) takes effect only if a specified event occurs or does not occur, (ii) takes effect only if a specified situation arises or does not arise, (iii) has effect only for so long as a specified event does not occur, (iv) has effect only while a specified situation lasts, (v) applies differently if a specified event occurs, (vi) applies differently if a specified situation arises, or (vii) applies differently while a specified situation lasts. (3) The consequences referred to in subsection (2) (a) are— (a) the agreement is terminated, modified or replaced; (b) rights or duties under the agreement are terminated, modified or replaced; (c) a right accrues to terminate, modify or replace the agreement; (d) a right accrues to terminate, modify or replace rights or duties under the agreement; (e) a sum becomes payable or ceases to be payable; (f) delivery of anything becomes due or ceases to be due; (g) a right to claim a payment or delivery accrues, changes or lapses; (h) any other right accrues, changes or lapses; (i) an interest is created, changes or lapses. (4) For the purposes of subsections (2) and (3) it is the effect of a provision that matters, not how it is described (nor, for example, whether it is presented in a positive or a negative form). (5) In subsection (1) (a) and (b) a reference to share transfer regulations is a reference to— (a) the making of the regulations, (b) anything that is done by the regulations or is to be, or may be, done under or by virtue of the regulations, and (c) any action or decision taken or made under this or another enactment in so far as it resulted in, or was connected to, the making of the regulations. (6) For the purposes of subsection (5) (b) , a thing is not done by virtue of regulations merely by virtue of being done under a contract or other agreement rights or obligations under which have been transferred by the regulations.