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 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 4 - Dealing in futures contracts

SECTION 25 DEALING IN FUTURES CONTRACTS: GENERAL

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25(1) [Acquisition or disposal]

Subject to sections 26 and 27, a person deals in a futures contract if, and only if, the person:

(a) acquires, or disposes of, the futures contract;

(b) offers to acquire, or to dispose of, the futures contract; or

(c) induces, or attempts to induce, another person to acquire, or to dispose of, the futures contract.

25(2) [On another person's behalf]

Subject to sections 26 and 27, a person deals in a futures contract on another person's behalf if, and only if, the first-mentioned person acquires, or disposes of, the futures contract on the other person's behalf, or offers so to acquire, or so to dispose of, the futures contract.

25(3) [Non-residents]

In determining whether or not a person who is not a resident of Australia or of an external Territory deals in a futures contract on another person's behalf, an act that the holder of a futures brokers licence or an exempt broker does on the first-mentioned person's behalf shall be disregarded.

25(4) [Effect of subsection (5)]

Subsection (5) has effect for the purposes of determining:

(a) whether or not a person deals in a futures contract on another person's behalf; and

(b) (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

(c) what constitutes such a business carried on by a person.

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25(5) [Employees of brokers]

An act that the person does:

(a) while employed by, or acting for or by arrangement with, a futures broker;

(b) as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the broker; and

(c) in connection with a business of dealing in futures contracts that the broker carries on;

shall be disregarded.

25(6) [Non-applicability to other sections]

Subsections (3), (4) and (5) do not have effect for the purposes of sections 26, 27, 28, 1126 and 1132.

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