THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.3 - PARTICIPANTS IN THE FUTURES INDUSTRY

Division 2 - Agreements with unlicensed persons

Subdivision B - Effect on agreements

SECTION 1168   NON-LICENSEE NOT ENTITLED TO RECOVER COMMISSION  

1168(1)  [Application]  

Without limiting the generality of section 1167, this section:

(a)  applies while the client is entitled to give a notice under section 1164; and

(b)  applies after the client so gives a notice, even if the notice does not result under section 1165 in rescission of the agreement;

but does not otherwise apply.

1168(2)  [Not entitled to recovery]  

The non-licensee is not entitled to recover by any means (including, for example, set-off or a claim on a quantum meruit any brokerage, commission or other fee for which the client would, but for this section, have been liable to the non-licensee under or in connection with the agreement.