THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 7 - SECURITIES
PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES
Division 3 - Transfer of marketable securities and marketable rights
Subdivision B - Sufficient transfers (transfers other than SCH-regulated transfers)
(i) the registered holder of, or entitled to be registered as the holder of, the securities; or
(ii) is entitled to the rights;as the case may be, and is legally entitled or authorised to sell or dispose of the securities or rights. 1105(3) [Broker's liability to indemnify] If the document has been duly completed in accordance with Part 1 of Form 1 or 5, then: (a) if, when the document was stamped with the stamp referred to in paragraph (1)(b), the designated broker had authority to sell the securities or rights, on the transferor's behalf, to:
(i) the transferee;
(ii) particular persons who include, or particular classes of persons at least one of which includes, the transferee; or
(iii) any person at all;the designated broker shall be deemed to have been authorised to execute, and to have executed, the document on the transferor's behalf; and (b) each associate (if any) of the designated broker and, unless the designated broker is a broker's agent, the designated broker is or are, as the case requires, liable to indemnify:
(i) the issuing body in relation to the securities or rights;
(ii) the transferor;
(iii) the transferee; and
(iv) the transferee's broker;against any loss or damage arising if:
(v) the stamp referred to in paragraph (1)(b) is not in fact the designated broker's stamp; or
(vi) apart from the effect of paragraph (a) of this subsection, the designated broker was not authorised to execute the document on the transferor's behalf.
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