THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 2 - Transfer of securities

SECTION 1091B   TRANSMISSION OF SHARES ON MENTAL INCAPACITY (replaceable rule - see section 135)  

1091B(1)  [Information given]  

If a person entitled to shares because of the mental incapacity of a shareholder gives the directors the information they reasonably require to establish the person's entitlement to be registered as the holder of the shares:

(a)  the person may:

(i) by giving a written and signed notice to the company, elect to be registered as the holder of the shares; or

(ii) by giving a completed transfer form to the company, transfer the shares to another person; and

(b)  the person is entitled, whether or not registered as the holder of the shares, to the same rights as the shareholder.

1091B(2)  [Election]  

On receiving an election under subparagraph (1)(a)(i), the company must register the person as the holder of the shares.

1091B(3)  [Transfer rules]  

A transfer under subparagraph (1)(a)(ii) is subject to the same rules (for example, about entitlement to transfer and registration of transfers) as apply to transfers generally.