(1)A paper trade document may be converted into an electronic trade document, and an electronic trade document may be converted into a paper trade document, if (and only if)—
(a)a statement that the document has been converted is included in the document in its new form, and
(b)any contractual or other requirements relating to the conversion of the document are complied with.
(2)Where a document is converted in accordance with subsection (1)—
(a)the document in its old form ceases to have effect, and
(b)all rights and liabilities relating to the document continue to have effect in relation to the document in its new form.