THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 3 - Transfer of marketable securities and marketable rights

Subdivision C - SCH-regulated transfers

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SECTION 1109B   AUTHORITY TO ENTER INTO TRANSACTION GIVES AUTHORITY TO TRANSFER  

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1109B(1)  [Effect of authorisation to dispose of quoted securities, etc]  

If a person authorises a member organisation to enter into a transaction (for example, a sale) involving the disposal of quoted securities or quoted rights, the person is taken also to have authorised the member organisation to effect any proper SCH transfer of all or any of those securities or rights that the member organisation effects, even if the transfer has no connection with the transaction.

Note:

The transfer may have no connection with the transaction because of the operation of the provisions of the SCH business rules referred to in subsection 954P(1).

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1109B(2)  [Revocation]  

The authority that the person is taken, by subsection (1), to have given:

(a)  is revoked if, before the transaction is entered into, the authority to enter into the transaction is revoked or otherwise ceases to have effect; and

(b)  cannot otherwise be revoked; and

(c)  if the person dies after the transaction is entered into - continues in force, despite the person's death, as if the person were still alive (but cannot be revoked).

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