THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 2 - Transfer of securities

SECTION 1091C   TRUSTEE ETC MAY BE REGISTERED AS OWNER OF SHARES  

1091C(1)  [Share defined]  

In this section:

``share'' , in relation to a body corporate, means a share in the body that is registered in a register kept in Australia.

1091C(2)  [Trustee etc. may be registered]  

A trustee, executor or administrator of the estate of a dead person who was the registered holder of a share in a corporation may be registered as the holder of that share as trustee, executor or administrator of that estate.

1091C(3)  [When deceased entitled in equity to a share]  

A trustee, executor or administrator of the estate of a dead person who was entitled in equity to a share in a corporation may, with the consent of the corporation and of the registered holder of that share, be registered as the holder of that share as trustee, executor or administrator of that estate.

1091C(4)  [Holder on behalf of the mentally infirm]  

Where:

(a)  a person is appointed, under a law of a State or Territory relating to the administration of the estates of persons who, through mental or physical infirmity, are incapable of managing their affairs, to administer the estate of a person who is so incapable; and

(b)  the incapable person is the registered holder of a share in a corporation;

the first-mentioned person may be registered as the holder of that share as administrator of that estate.

1091C(5)  [When mentally infirmed person entitled in equity]  

Where:

(a)  a person is appointed, under a law of a State or Territory relating to the administration of the estates of a person who, through mental or physical infirmity, are incapable of managing their affairs, to administer the estate of a person who is so incapable; and

(b)  the incapable person is entitled in equity to a share in a corporation;

the first-mentioned person may, with the consent of the corporation and of the registered holder of that share, be registered as the holder of the share as administrator of that estate.

1091C(6)  [Official Trustee in Bankruptcy]  

Where:

(a)  by virtue of the Bankruptcy Act 1966, a share in a body corporate, being the property of a bankrupt, vests in the Official Trustee in Bankruptcy; and

(b)  the bankrupt is the registered holder of that share;

the Official Trustee may be registered as the holder of that share as the Official Trustee in Bankruptcy.

1091C(7)  [Where bankrupt entitled in equity to a share]  

Where:

(a)  by virtue of the Bankruptcy Act 1966, a share in a body corporate, being the property of a bankrupt, vests in the Official Trustee in Bankruptcy; and

(b)  the bankrupt is entitled in equity to that share;

the Official Trustee may, with the consent of the body and of the registered holder of that share, be registered as the holder of that share as the Official Trustee in Bankruptcy.

1091C(8)  [Liabilities on registration]  

A person registered under subsection (2), (3), (4), (5), (6) or (7), is, while registered as mentioned in that subsection, subject:

(a)  to the same liabilities in respect of the share as those to which he, she or it would have been subject if the share had remained, or had been, as the case requires, registered in the name of the dead person, the incapable person or the bankrupt, as the case may be; and

(b)  to no other liabilities in respect of the share.

1091C(9)  [Identification of trustee-held shares]  

Shares in a corporation registered in a register and held by a trustee in respect of a particular trust may, with the consent of the corporation, be marked in the register in such a way as to identify them as being held in respect of the trust.

1091C(10)  [No other notice of trust]  

Except as provided in this section and section 216B:

(a)  no notice of a trust, whether express, implied or constructive, shall be entered on a register kept in Australia or be receivable by the Commission;

(b)  no liabilities are affected by anything done under a preceding subsection of this section or under section 216B; and

(c)  nothing so done affects the body corporate concerned with notice of a trust.

1091C(11)  [Trustee to serve notice on proprietary company]  

A person shall, within one month after beginning to hold shares in a proprietary company as trustee for, or otherwise on behalf of or on account of, a body corporate, serve on the company notice in writing that the person so hold the shares.