THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

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 C - SCH-regulated transfers

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SECTION 1109D EFFECT OF PROPER SCH TRANSFER ON TRANSFEREE

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1109D(1) [Quoted securities]

If a proper SCH transfer of quoted securities takes effect at a particular time:

(a) the transferee is taken to have agreed at that time to accept the securities subject to the terms and conditions on which the transferor held them immediately before that time, being the terms and conditions applicable as between the issuing body in relation to, and the holder for the time being of, the securities; and

(b) if the securities are shares - the transferee is also taken to have agreed at that time to become a member of the issuing body and to be bound by the issuing body's constitution.

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1109D(2) [Quoted rights]

If a proper SCH transfer of quoted rights relating to marketable securities takes effect at a particular time:

(a) the transferee is taken:

(i) to have applied at that time to the issuing body in relation to the securities for the allotment to him, her or it of the marketable securities; and

(ii) to have agreed at that time to accept the marketable securities subject to the terms and conditions on which the issuing body offers them for subscription; and

(b) if the marketable securities are shares - the transferee is also taken to have agreed, at that time, to become a member of the issuing body and to be bound, on being registered as the holder of the shares, by the issuing body's constitution.

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