Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
If a proper ASTC transfer of a Division 4 financial product (other than rights) takes effect at a particular time:
(a) the transferee is taken to have agreed at that time to accept the Division 4 financial product subject to the terms and conditions on which the transferor held them immediately before that time; and
(b) the terms and conditions are the terms and conditions applicable as between the issuer in relation to, and the holder for the time being of, the Division 4 financial product. 7.11.27(2) [ Shares]
If the Division 4 financial product is shares, the transferee is also taken to have agreed at that time:
(a) to become a member of the issuer; and
(b) to be bound by the issuer's constitution. 7.11.27(3) [ Interest in a managed investment scheme]
If the Division 4 financial product is an interest in a managed investment scheme, the transferee is also taken to have agreed at that time:
(a) to become a member of the managed investment scheme; and
(b) to be bound by the constitution of the managed investment scheme to the extent that:
(i) the transferee will comply with any requirement imposed on the transferee by the constitution; and
7.11.27(4) [ ``right'']
(ii) the transferee will not impede compliance by another person with any requirement imposed on the other person by the constitution.
In this regulation:
right
means a right, whether existing or future, and whether contingent or not, of a person to have any of the following issued to the person, whether or not on payment of any money or for any other consideration:
(a) a share in a company (including a body to which section 1073C of the Act applies);
(b) a debenture of a company (including a body to which section 1073C of the Act applies);
(c) an interest in a registered scheme mentioned in regulations made under paragraph 1073A(1) (c) of the Act.
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