Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1071b:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1071B (pt 1/2)
Character Range: 4718591–4721297

1071B  Instrument of transfer
 (1) This section does not apply to a transfer of a security through a prescribed CS facility.
 (2) Subject to subsection (5), a company must only register a transfer of securities if a proper instrument of transfer (see subsections (3) and (4)) has been delivered to the company. This is so despite:
 (a) anything in its constitution; or
 (b) anything in a deed relating to debentures.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
 (3) An instrument of transfer is not a proper instrument of transfer for the purposes of subsection (2) if it does not show the details, specified in the regulations, in relation to the company concerned.
 (4) If the transfer of the securities is covered by Division 3 of this Part, then (in addition to subsection (3)), the instrument is not a proper instrument of transfer for the purposes of subsection (2) unless it is a sufficient transfer of the securities under regulations made for the purposes of that Division.
 (5) Subsection (2) does not prejudice the power of the company to register, as the holder of securities, a person to whom the right to the securities has devolved by will or by operation of law.
 (6) Subsections (7) to (13) deal with a transfer of a security of a dead holder by the dead holder's personal representative. They deal with the transfer differently depending on whether the personal representative is a local representative or not.
 (7) The personal representative is a local representative if the representative is duly constituted as a personal representative under the law of the State or Territory in which the security is situated.
Note: Subsection 1070A(4) provides that the security is situated where the relevant register is kept.
 (8) If the personal representative is a local representative, a transfer of the security by the representative is as valid as if the representative had been registered as the holder of the security at the time when the instrument of transfer was executed.
 (9) If:
 (a) the personal representative is not a local representative; and
 (b) the representative:
 (i) executes an instrument of transfer of the security to the representative or to another person; and
 (ii) delivers the instrument to the company; and
 (iii) delivers to the company with the instrument a statement in writing made by the representative to the effect that, to the best of the representative's knowledge, information and belief, no grant of representation of the estate of the deceased holder has been applied for or made in the State or Territory in which the security is located and no application for such a grant will be made; and
 (c) the statement