Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.11 - TITLE AND TRANSFER  

Division 4 - Transfer of Division 4 financial products effected through prescribed CS facility  

REGULATION 7.11.25   PARTICIPANT'S AUTHORITY TO ENTER INTO TRANSACTION CONTINUES DESPITE CLIENT'S DEATH  

7.11.25(1)   [ Application]  

This regulation applies if:

(a) a person authorises a participant to enter into a transaction involving the disposal of a Division 4 financial product (for example, a sale); and

(b) the person dies before the participant enters into the transaction; and

(c) the authority is still in force immediately before the person dies.

7.11.25(2)   [ Authority continues]  

The authority continues, despite the person's death, as if the person were still alive.

7.11.25(3)   [ Transaction binding on legal representative]  

If the participant enters into the transaction while the authority so continues, the transaction is binding on the person's legal representative.

7.11.25(4)   [ Revocation of authority]  

The authority can be revoked by the person's legal representative in any way that the person could have revoked it while the person was alive.