THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 87   PROPER AUTHORITY FROM FUTURES LICENSEE; INVALID FUTURES AUTHORITY  

87(1)  [Meaning of ``proper authority'']  

A reference, in relation to a person (in this subsection called the ``representative''), to a proper authority from a futures licensee (in this subsection called the ``principal'') is a reference to a copy of the licence on which have been endorsed:

(a)  a statement:

(i) certifying the copy to be a true copy of the licence;

(ii) stating that the representative is employed by, or acts for or by arrangement with, the principal; and

(iii) signed by the principal; and

(b)  in relation to each futures licensee (if any), other than the principal, of whom the representative is a futures representative, a statement that:

(i) sets out the name of the licensee;

(ii) states that the representative is employed by, or acts for or by arrangement with, the licensee;

(iii) states that the licensee consents to the representative being employed by, or acting for or by arrangement with, the principal; and

(iv) is signed by the licensee.

87(1A)  [``representative'' and ``principal'']  

A reference, in relation to a person (in this subsection called the ``representative'' ), to a proper authority from a futures licensee (in this subsection called the ``principal'' ) includes a reference to a document that, immediately before the commencement of Division 3 of Part 8.3, was a proper authority from that principal in relation to that representative under a previous law that corresponds to subsection (1).

87(2)  [``Invalid futures authority'']  

A reference, in relation to a person (in this subsection called the ``representative'' ), to an invalid futures authority from a person (in this subsection called the ``principal'' ) is a reference to a document:

(a)  on which is endorsed a statement:

(i) stating that the representative is employed by, or acts for or by arrangement with, the principal; and

(ii) signed by the principal; and

(b)  that purports to be a copy of a futures licence and to be a proper authority of the representative from the principal, but is not in fact such a proper authority;

whether or not:

(c)  the principal is, or has ever been, a futures licensee; or

(d)  the document is in fact a copy of a futures licence that exists or has ever existed.

87(3)  [Signing of statement]  

For the purposes of this section, a statement is signed by a person if, and only if, it is signed:

(a)  if the person is a natural person - by the person; or

(b)  if the person is a body corporate:

(i) by a director or secretary; or

(ii) by an executive officer who is authorised to sign the statement.