THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 4 - Liability of principals for representatives' conduct

SECTION 818   LIABILITY WHERE IDENTITY OF PRINCIPAL UNKNOWN  

818(1)  (Application of section)  

This section applies for the purposes of a proceeding in a court where:

(a)  whether within or outside this jurisdiction a person (in this section called the representative ) engages in particular conduct while the person is a representative of 2 or more persons (in this section called the indemnifying principals ); and

(b)  it is proved for the purposes of the proceeding that the representative engaged in the conduct as a representative of some person (in this section called the unknown principal ) but it is not proved for those purposes who the unknown principal is.

818(2)  [One indemnifying principal]  

If only one of the indemnifying principals is a party to the proceeding, he, she or it is liable in respect of that conduct as if he, she or it were the unknown principal.

818(3)  [Two or more indemnifying principals]  

If 2 or more of the indemnifying principals are parties to the proceeding, each of those 2 or more is liable in respect of that conduct as if he, she or it were the unknown principal.