THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 1 - Interpretation

SECTION 924   TRANSFER OF SECURITIES ETC. AND PAYMENT OF MONEY  

924(1)  [Effect of section]  

This section has effect for the purposes of this Part (other than Division 7).

924(2)  [Transfer of securities]  

A person ( ``the transferor'' ) transfers securities to another person ( ``the transferee'' ) if, and only if:

(a)  in the case of an SCH-regulated transfer - the transferor does, or causes to be done, all things that the SCH business rules require to be done by or on behalf of the transferor to effect the transfer; or

(b)  in any other case - the transferor delivers, or causes to be delivered, to the transferee documents ( ``transfer documents'' ) that are sufficient to enable the transferee:

(i) except in the case of marketable rights within the meaning of Division 3 of Part 7.13 - to become registered as the holder of the securities; or

(ii) in the case of such marketable rights - to obtain the issue to the transferee of the securities to which the marketable rights relate;

without the transferor doing anything more, or causing anything more to be done, by way of executing or supplying documents.

924(3)  [Transfer and delivery of property]  

If a person:

(a)  causes property (other than securities or money) to be transferred to another person; or

(b)  causes documents that are sufficient to enable another person to become the legal owner of property (other than securities or money) to be delivered to another person;

the first-mentioned person is taken to have transferred the property to the other person.

924(4)  [Payment of money]  

If a person causes money to be paid to another person, the first-mentioned person is taken to have paid the money to the other person.

924(5)  [``Person'']  

In this section:

``person'' includes a partnership.