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 29 OWN ACCOUNT DEALINGS AND TRANSACTIONS: FUTURES CONTRACTS

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29(1) [Extended meaning of own account dealings]

A reference to a person dealing in a futures contract, or entering into a transaction in relation to a futures contract, on the person's own account includes a reference to a person so dealing, or entering into such a transaction, as the case may be, as principal or on behalf of:

(a) in any case - an associate of the person;

(b) in any case - a body corporate in which the person has a controlling interest; or

(c) if the person carries on a futures broking business in partnership - a body corporate in which the person's interests and the interests of the other partners together constitute a controlling interest.

29(2) [Other members of exchange]

A futures broker who is a member of a futures exchange or of a recognised futures exchange does not deal in a futures contract, or enter into a transaction in relation to a futures contract, on the broker's own account merely because the dealing is with, or the transaction is entered into with, another futures broker who is a member of a futures exchange or of a recognised futures exchange.

29(3) [Limited meaning of ``associate'']

Despite Division 2, a person is not an associate of another person for the purposes of subsection (1) merely because the first-mentioned person is either or both of the following:

(a) a partner of the other person otherwise than because of carrying on in partnership with the other person a business of dealing in futures contracts;

(b) a director of a body corporate of which the other person is also a director, whether or not the body carries on a business of dealing in futures contracts.

CCH Note: Division 5 of Pt 1.2 (sec 30 to 45) repealed by No 156 of 1999, Sch 3, Pt 9 (effective 13 March 2000).

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