THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 2 - Agreements with unlicensed persons

Subdivision B - Effect on agreements

SECTION 1165A   CLIENT MAY APPLY TO COURT FOR PARTIAL RESCISSION  

1165A(1)  [Where notice does not rescind agreement]  

If the client gives a notice under section 1164 but the notice does not rescind the agreement because rescission of it would prejudice a right or estate of the kind referred to in section 1165, the client may, within a reasonable period after giving the notice, apply to the Court for an order under subsection (4) of this section.

1165A(2)  [Court may extend time for application]  

The Court may extend the period for making an application under subsection (1).

1165A(3)  [Power of Court pending determination of application]  

If an application is made under subsection (1), the Court may make such orders expressed to have effect until the determination of the application as it would have power to make if the notice had rescinded the agreement under section 1165 and the application were for orders under section 1166.

1165A(4)  [Power of Court on application]  

On an application under subsection (1), the Court may make an order:

(a)  varying the agreement in such a way as to put the client in the same position, as nearly as can be done without prejudicing such a right or estate acquired before the order is made, as if the agreement had not been entered into; and

(b)  declaring the agreement to have had effect as so varied at and after the time when it was originally made.

1165A(5)  [Deemed rescission of agreement]  

If the Court makes an order under subsection (4), the agreement shall be taken for the purposes of section 1166 to have been rescinded under section 1165.

1165A(6)  [Effect of sec 1168 or 1170]  

An order under subsection (4) does not affect the application of section 1168 or 1170 in relation to the agreement as originally made or as varied by the order.