Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698841105024.pdf (New Zealand)
Reprint as at 26 March 1998 Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 (SR 1997/102) Michael Hardie Boys, Governor-General Order in Council At Wellington this 3rd day of June 1997 Present: His Excellency the Governor-General in Council Pursuant to section 7 of the Securities Transfer Act 1991, His Ex- cellency the Governor-General, acting by and with the advice and consent of the Executive Council and on the advice of the Minister Note Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This order is administered by the Ministry of Economic Development.

1 cl 1 Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Reprinted as at 26 March 1998 of Commerce given in accordance with a recommendation of the Se- curities Commission, makes the following order.
Contents 1 2 3 Title and commencement Interpretation Approval of system for electronic transfer of securities quoted on Australian Stock Exchange Schedule Description of system Order Page 2 2 2 3 Title and commencement This order may be cited as the Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997.

This order comes into force on 3 July 1997.


Interpretation In this order, unless the context otherwise requires, terms and expressions have the same meaning as in the Securities Transfer Act 1991.
Approval of system for electronic transfer of securities quoted on Australian Stock Exchange The system for the electronic transfer of securities on the Aus- tralian Stock Exchange, the essential requirements of which are described in the Schedule, is approved for the transfer of securities that are— (a) (b) issued by companies incorporated in New Zealand; and quoted on the Australian Stock Exchange operated by Australian Stock Exchange Limited.
1 (1) (2) 2 3 2 Reprinted as at 26 March 1998 Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Schedule Description of system Schedule cl 3 Interpretation For the purposes of the description of the system,— approved security means a security— (a) for which, by virtue of section 1096(2A) of the Corporations Law, the public issuer is not required to issue a certificate; and that is approved by the Company as a security that may be registered and transferred under the system (b) broker means a share broker that is a member organisation of the Australian Stock Exchange business rules means the business rules (within the meaning of Chapter 7 of the Corporations Law) of the Company CHESS means the Clearing House Electronic Subregister System, a system for the electronic transfer and registration of approved secur- ities operated by the Company Company means ASX Settlement and Transfer Corporation Pty Limited approved as the securities clearing house under the Corpor- ations Law Corporations Law means the Corporations Law of the Common- wealth of Australia Exchange means the Australian Stock Exchange operated by Aus- tralian Stock Exchange Limited participant means a person who, or a partnership or company that, under the business rules, is entitled to use CHESS; and includes a broker public issuer means a company that is the issuer of securities that are quoted on the Exchange SEATS means the Stock Exchange Automated Trading System, an electronic trading system operated by the Exchange.
System description The essential requirements of the system are— (a) the electronic entry into SEATS by a broker of an order to sell approved securities: the matching by SEATS of the selling order with an equivalent buying order so as to constitute a trade in the securities: (b) 3 Schedule Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Reprinted as at 26 March 1998 the electronic entry of the details of trades in approved secur- ities into a computer that determines the net settlement obliga- tions among brokers in respect of trades made through SEATS: the electronic communication to brokers of their net settlement obligations for settlement on the fifth day after the date of the trade: the allocation on the settlement date by a broker into the bro- ker’s settlement account of sufficient approved securities to satisfy the broker’s settlement obligations: in order to meet a broker’s net delivery obligations, the transfer by CHESS on the settlement date of approved securities from the broker’s settlement account into the settlement account of another broker entitled to receive the securities: the adjustment on the settlement date by CHESS of the number of approved securities held by security holders of approved securities: details of transfers of securities of a public issuer are commu- nicated daily by the Company to the public issuer through the computer link between the Company and the public issuer: in the case of a public issuer
 incorporated in New Zealand and whose securities may be transferred and registered under the system, a requirement that the public issuer issue share certificates in accordance with section 90(1) of the Companies Act 1955 or with section 95(1) of the Companies Act 1993, as the case may be, for securities that are not held on the CHESS subregister or an issuer sponsored subregister but that are held on the certificated register of the public issuer: each participant using CHESS warrants— (i) the accuracy of the messages transmitted through the computer link; and in respect of each transfer of approved securities ef- fected by the participant, that it was legally entitled or authorised to transfer the securities: (ii) the participants using CHESS undertake to indemnify other participants, the public issuer, and the Company against all losses, damages, costs, and expenses suffered or incurred as a result of any inaccurate message transmitted through the com- puter link.
(c) (d) (e) (f) (g) (h) (i) (j) (k) 4 Reprinted as at 26 March 1998 Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Schedule Schedule paragraph (i): amended, on 26 March 1998, by clause 2 of the Securities Trans- fer (Approval of System for Electronic Transfer of Securities on Australian Stock Ex- change) Amendment Order 1998 (SR 1998/20).

Marie Shroff, Clerk of the Executive Council.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 5 June 1997.
5 Notes Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Reprinted as at 26 March 1998 Contents 1 2 3 4 General Status of reprints How reprints are prepared Changes made under section 17C of the Acts and Regulations Publication Act 1989 List of amendments incorporated in this reprint (most recent first) General This is a reprint of the Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Ex- change) Order 1997.
The reprint incorporates all the amend- ments to the order as at 26 March 1998, as specified in the list of amendments at the end of these notes.

Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order.

For more information, see http://www.pco.parliament.govt.nz/reprints/.
Status of reprints Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment.

This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the prin- cipal enactment and its amendments are contained.

How reprints are prepared A number of editorial conventions are followed in the prep- aration of reprints.
For example, the enacting words are not 5 Notes 1 2 3 6 Reprinted as at 26 March 1998 Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Notes included in Acts, and provisions that are repealed or revoked are omitted.
For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
4 Changes made under section 17C of the Acts and Regulations Publication Act 1989 Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice.

Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000.

Changes to legislative drafting style have also been made since 1997, and are ongoing.

To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legisla- tion reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the au- thority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint: • omission of unnecessary referential words (such as “of this section” and “of this Act”) typeface and type size (Times Roman, generally in 11.5 point) layout of provisions, including: • • indentation position of section headings (eg, the number and heading now appear above the section) format of definitions (eg, the defined term now appears in bold type, without quotation marks) format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”) 7 • • • • Notes Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Order 1997 Reprinted as at 26 March 1998 • • • • • • • position of the date of assent (it now appears on the front page of each Act) punctuation (eg, colons are not used after definitions) Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly case and appearance of letters and words, including: • format of headings (eg, headings where each word formerly appeared with an initial cap- ital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter) small capital letters in section and subsection ref- erences are now capital letters • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accord- ingly running heads (the information that appears at the top of each page) format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chrono- logical).
List of amendments incorporated in this reprint (most recent first) Securities Transfer (Approval of System for Electronic Transfer of Securities on Australian Stock Exchange) Amendment Order 1998 (SR 1998/20) Wellington, New Zealand: Published under the authority of the New Zealand Government—2010 5 12 8