THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 7 - SECURITIES
PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES
Division 3 - Transfer of marketable securities and marketable rights
Subdivision B - Sufficient transfers (transfers other than SCH-regulated transfers)
(i) has been duly completed in accordance with Part 1 of Form 1 or 5; and
(ii) bears a stamp that purports to be that of the transferor's broker; and(b) another document:
(i) relates to any or all of the securities or rights;
(ii) has been duly completed in accordance with Part 1 of Form 3 or 7; and
(iii) bears a stamp that purports to be that of a particular securities exchange.1107(2) [Liability to indemnify - securities exchange] The securities exchange is liable to indemnify: (a) the issuing body in relation to the securities or rights; (b) the transferor in relation to the other document; (c) the transferee in relation to the other document; and (d) the broker of the transferee in relation to the other document; against any loss or damage arising if: (e) the stamp referred to in subparagraph (1)(a)(ii) is not in fact the stamp of the broker (in this section called the ``designated broker'' ) of whom it purports to be the stamp; or (f) apart from the effect of paragraph 1105(3)(a), the designated broker was not authorised to execute the first document on behalf of the transferor in relation to the first document. 1107(3) [Liability to indemnify - broker] Each associate (if any) of the designated broker and, unless the designated broker is a broker's agent, the designated broker is or are, as the case requires, liable to indemnify the securities exchange against any loss or damage arising as mentioned in subsection (2). 1107(4) [Operation] Nothing in this section limits the operation of anything in section 1105 or 1106 or of anything else in this section.
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