Section 355: Protection of rights on change of applicable law

355. Protection of rights on change of applicable law (1) In this section, where an account agreement is amended so as to change the applicable law— “new law” means the law applicable under this Part after the change; “old law” means the law applicable under this Part before the change. (2) Subject to subsection (3), the new law governs all the issues specified in section 351 (1). (3) Except with respect to a person who has consented to a change of law, the old law continues to govern— (a) the existence of an interest in securities held with an intermediary arising before the change of law and the perfection of a disposition of those securities made before the change of law; (b) with respect to an interest in securities held with an intermediary arising before the change of law— (i) the legal nature and effects of the interest against the relevant intermediary and any party to a disposition of those securities made before the change of law; (ii) the legal nature and effects of the interest against a person who after the change of law attaches the securities; (iii) the determination of all the issues specified in section 351 (1) with respect to an insolvency administrator in an insolvency proceeding opened after the change of law; (c) priority as between parties whose interests arose before the change of law. [Issue 6] I14 – 194 Revised Laws of Mauritius (4) Subsection (3) (c) does not preclude the application of the new law to the priority of an interest that arose under the old law but is perfected under the new law.