THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 94   SECURITIES REPRESENTATIVES  

94(1)  [Meaning of ``securities representative'']  

Subject to subsection (2), a person is a securities representative of another person if, and only if, the first-mentioned person:

(a)  is employed by; or

(b)  acts for or by arrangement with;

the other person in connection with a securities business or investment advice business carried on by the other person.

94(2)  [Persons who hold authorities]  

Except for the purposes of paragraph 88(1)(b):

(a)  a person who holds a proper authority from a securities licensee is a securities representative of the licensee; and

(b)  a person who holds an invalid securities authority from another person is a securities representative of the other person.

94(3)  [Acting as securities representative]  

Subject to subsection (4), a person does an act, or engages in conduct, as a securities representative of another person if, and only if, the first-mentioned person does the act, or engages in the conduct:

(a)  in connection with a securities business or investment advice business carried on by the other person;

(b)  while the first-mentioned person is a securities representative of the other person;

(c)  as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the other person; and

(d)  otherwise than in the course of work of a kind ordinarily done by accountants, clerks or cashiers.

94(4)  [Holding out to be securities representative]  

Except for the purposes of Division 4 of Part 7.3, a person who holds himself, herself or itself out to be a securities representative of another person does an act as a securities representative of the other person.