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 7.10 - THE NATIONAL GUARANTEE FUND

Division 7 - Unauthorised transfer

SECTION 958   CLAIM BY TRANSFEREE OR SUB-TRANSFEREE  

958(1)  [Claim by transferee or sub-transferee]  

If, as a result of the unauthorised execution, a person (in this section called the ``claimant''), being:

(a)  in any case:

(i) if subsection 956(1) applies - the person stated in the document as the transferee of the transferred securities; or

(ii) if subsection 956(2) applies - the person in whose favour the proper SCH transfer was effected, or purported to be effected; or

(b)  if that person has disposed of any of the transferred securities - a successor in title of that person to any of the transferred securities;

suffers loss in respect of any of the transferred securities, the claimant may make a claim in respect of that loss.

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History

S 958(1) amended by No 210 of 1992, s 153(a) and (b) (effective 23 June 1993).

958(2)  [Person not entitled to claim]  

A person is not entitled to make a claim under this section if the person:

(a)  had actual knowledge that the transferor did not in fact authorise the unauthorised execution; or

(b)  is an excluded person in relation to the dealer.

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History

S 958(2) amended by No 210 of 1992, s 153(c) (effective 23 June 1993).

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