CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
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 1 - Title to securities
SECTION 1085
NATURE OF SHARES AND OTHER INTERESTS
1085(1)
(Qualities)
A share or other interest of a member in a company:
(a)
is personal property;
(b)
is transferable or transmissible as provided by the company's constitution, or, if they are applicable, the SCH business rules; and
(c)
subject to the company's constitution (if any) and any replaceable rules that apply to the company, and, if they are applicable, the SCH business rules, is capable of devolution by will or by operation of law.
History
S 1085(1)(c) amended by No 156 of 1999, Sch 8 (effective 1 July 1998).
S 1085(1) amended by No 61 of 1998, Sch 2, Pt 1 (effective 1 July 1998).
S 1085(1) amended by No 210 of 1992, s 158 (effective 23 June 1993).
1085(2)
(Personal property)
Subject to subsection
(1):
(a)
the laws applicable to ownership of and dealing with personal property apply to a share or other interest of a member in a company as they apply to other property; and
(b)
equitable interests in respect of a share or other interest of a member in a company may be created, dealt with and enforced as in the case of other personal property.
1085(3)
(Situation)
For the purposes of any law, a share or other interest of a member in a company is taken to be situated:
(a)
if the share or other interest is entered on the register kept under section 169 - in the State or Territory where that register is kept; or
(b)
if the share or other interest is entered on an overseas branch register kept under section
178 - in the foreign country where that register is kept.
History
S 1085(3) amended by No 61 of 1998, Sch 3 (effective 1 July 1998).
S 1085(3) substituted by No 115 of 1995, Sch 6 (effective 9 December 1995).