Section 21

The title of any person to a security for which he has given value on a transfer thereof, and the title of all persons claiming through or under him, shall, notwithstand-ing that the transfer, or any previous transfer, or the issue of the security, was by reason of the residence of any person concerned other than the first-mentioned person prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid unless the first-mentioned person had notice of the facts by reason of which it was prohibited.

Without prejudice to the provisions of subsection

, the Controller may issue a cer+ificate declaring, in rela-tion to a security, that any acts done before the issue of the certificate purporting to effect the issue or transfer of the security, being acts which were prohibited by this Act, are to be, and are always to have been, as valid as if they had been done with the permission of the Controller, and the said acts shall have effect accordingly.

Nothing in this section shall affect the liability of any person to prosecution for any offence against this Act.