23Takeovers code not to apply in certain cases

1. Nothing in the takeovers code shall require any person to comply with the code—

2. by reason only of the fact that, on the coming into force of the code, a particular proportion of financial products have been acquired in a code company, whether by that person or any other person, before the code comes into force; or
3. by reason of the acquisition of financial products in a code company, whether by that person or any other person, on or after the coming into force of the code, if the acquisition arises from the performance of a contractual obligation incurred, or the exercise of a right acquired, before the date on which an approved takeovers code comes into force.