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 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 4 - Liability of principals for representatives' conduct

SECTION 818   LIABILITY WHERE IDENTITY OF PRINCIPAL UNKNOWN  

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818(1)  (Application of section)  

This section applies for the purposes of a proceeding in a court where:

(a)  whether within or outside this jurisdiction a person (in this section called the representative ) engages in particular conduct while the person is a representative of 2 or more persons (in this section called the indemnifying principals ); and

(b)  it is proved for the purposes of the proceeding that the representative engaged in the conduct as a representative of some person (in this section called the unknown principal ) but it is not proved for those purposes who the unknown principal is.

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History

S 818(1) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).

818(2)  [One indemnifying principal]  

If only one of the indemnifying principals is a party to the proceeding, he, she or it is liable in respect of that conduct as if he, she or it were the unknown principal.

818(3)  [Two or more indemnifying principals]  

If 2 or more of the indemnifying principals are parties to the proceeding, each of those 2 or more is liable in respect of that conduct as if he, she or it were the unknown principal.

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