Section 258 Investments and Securities Act

Section 258 of the Investments and Securities Act 2025 is about Rights of purchasers of altered receipts. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

(1) A purchaser of an altered warehouse receipt for value without notice of the alteration shall acquire the same proprietary rights against the issuer which the purchaser would have acquired if the receipt had not been altered at the time of purchase.

(2) A purchaser of a warehouse receipt shall be regarded to have had notice of alteration, if before the purchase of the warehouse receipt, the purchaser or his agent took part or influenced the alteration of the warehouse receipt and shall be liable to be proceeded against under this Act in the same way and manner as the issuer of the warehouse receipt.

(3) A purchaser of an altered warehouse receipt for value without notice of the alteration shall be entitled to proceed against the issuer to claim damages for the loss suffered as a result of the alteration.