—(1) A transfer or a pledge of any book-entry Treasury Bill to the Authority or to the Government or to any transferee or pledgee eligible to maintain an appropriate account in its name with the Authority shall be effected, notwithstanding any written law to the contrary, by the Authority making an appropriate entry in its records of the book-entry Treasury Bill transferred or pledged.
(2) The making of an entry in the records of the Authority under subsection (1) shall —
have the effect of a delivery of the book-entry Treasury Bill as if the Bill had been issued in the form of an engraved or printed certificate;
have the effect of a taking of delivery by the transferee or pledgee;
constitute the transferee or pledgee a holder; and
if a pledge, have the effect of vesting a security interest in favour of the pledgee.
(3) A transfer or a pledge of a book-entry Treasury Bill effected in accordance with this section shall have priority over any transfer or pledge involving, or any interest in, the book-entry Treasury Bill effected or created in any other manner before, on or after the date of the transfer or pledge in accordance with this section.