11.— (1) If any transferred shares were subject, immediately before the commencement of this Act, to an equitable or beneficial right, title or interest (including a security interest), the person who was the legal owner of those shares immediately before that commencement holds any sum paid to him or her as compensation for the acquisition of those shares in trust for the person who held the right, title or interest in proportion to the entitlement concerned.

(2) A person who holds money in trust for another person under subsection (1) does so on the same terms (as nearly as possible) as those of the right, title or interest referred to in that subsection.