THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 2 - Agreements with unlicensed persons

Subdivision B - Effect on agreements

SECTION 799A   CLIENT MAY APPLY TO COURT FOR PARTIAL RESCISSION  

799A(1)  (Where notice does not rescind agreement)  

If the client gives a notice under section 798 but the notice does not rescind the agreement because rescission of it would prejudice a right or estate of the kind referred to in section 799, the client may, within a reasonable period after giving the notice, apply to the Court for an order under subsection (4) of this section.

799A(2)  (Court may extend time for application)  

The Court may extend the period for making an application under subsection (1).

799A(3)  (Powers of Court pending determination of application)  

If an application is made under subsection (1), the Court may make such orders expressed to have effect until the determination of the application as it would have power to make if the notice had rescinded the agreement under section 799 and the application were for orders under section 800.

799A(4)  (Powers of Court on application)  

On an application under subsection (1), the Court may make an order:

(a)  varying the agreement in such a way as to put the client in the same position, as nearly as can be done without prejudicing such a right or estate acquired before the order is made, as if the agreement had not been entered into; and

(b)  declaring the agreement to have had effect as so varied at and after the time when it was originally made.

799A(5)  (Deemed rescission)  

If the Court makes an order under subsection (4), the agreement shall be taken for the purposes of section 800 to have been rescinded under section 799.

799A(6)  (Order does not affect sec 802 or 804)  

An order under subsection (4) does not affect the application of section 802 or 804 in relation to the agreement as originally made or as varied by the order.