58. Effect of cancellation of licence of a central depository

Any cancellation of a licence or the issuance of a directive under subsection (1) of section 57 shall not operate so as to –

avoid or affect any agreement, transaction or arrangement entered into by the central depository, whether the agreement, transaction or arrangement was entered into before or, where subsection (4) of section 57 applies after the cancellation of the licence or issuance of the directive under subsection (1) of section 57; or

affect any right, obligation or liability arising under such agreement, transaction or arrangement.