Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.11 - TITLE AND TRANSFER  

Division 1 - Title to certain securities  

SECTION 1070A   NATURE OF SHARES AND CERTAIN OTHER INTERESTS IN A COMPANY OR REGISTERED SCHEME  

1070A(1)   [ Nature of shares]  

A share, other interest of a member in a company or interest of a person in a registered scheme:

(a) is personal property; and

(b) is transferable or transmissible as provided by:

(i) the company's, or scheme's, constitution; or

(ii) the operating rules of a prescribed CS facility if they are applicable; and

(c) is capable of devolution by will or by operation of law.

1070A(2)   [ Devolution by will]  

Paragraph (1)(c) has effect subject to:

(a) in the case of a company:

(i) the company's constitution (if any); and

(ii) any replaceable rules that apply to the company; and

(iii) the operating rules of a prescribed CS facility if they apply to the share or interest; and

(b) in the case of a scheme:

(i) the scheme's constitution; and

(ii) the operating rules of a prescribed CS facility if they apply to the interest.

1070A(3)   [ Application of laws and equitable interests]  

Subject to subsection (1):

(a) the laws applicable to ownership of, and dealing with, personal property apply to a share, other interest of a member in a company or interest of a person in a registered scheme as they apply to other property; and

(b) equitable interests in respect of a share, interest of a member in a company or other interest of a person in a registered scheme may be created, dealt with and enforced as in the case of other personal property.

1070A(4)   [ Jurisdiction]  

For the purposes of any law, a share, other interest of a member in a company or interest of a person in a registered scheme is taken to be situated:

(a) if the share, interest in a company, or interest in a registered scheme is entered on the register kept under section 169 - in the State or Territory where that register is kept; or

(b) if the share or interest in the company is entered on an overseas branch register kept under section 178 - in the foreign country where that register is kept.