Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:2:p20
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 2 (pt 20/22)
Character Range: 485236–488142

transfer.

"(2) Subsection (1) has effect despite anything in the body's constitution or in a deed relating to debentures or interests (including prescribed interests).

Issuing body not to refuse to register proper SCH transfer

"1109L. The issuing body in relation to a quoted security or a quoted right must not refuse or fail to register, or to give effect to, a proper SCH transfer of the security or right.

Trustees and legal representatives may be SCH participants etc.

"1109M.(1) A trustee, or a legal representative of a dead person, who, as trustee or legal representative, holds a quoted security or a quoted right may:

     (a)     subject to the requirements of the SCH business rules, be an SCH participant; and

     (b)     have the security or right converted into, and hold it in, a form in which it may be transferred in accordance with the SCH business rules.

"(2) Nothing in subsection (1) authorises the trustee or legal representative to do a thing that the trustee or legal representative is expressly prohibited from doing by any law or by the terms and conditions on which he, she or it holds office.

"Subdivision D—Miscellaneous".

Operation of Division

   167. Section 1110 of the Corporations Law is amended:

     (a) by inserting in subsection (3) "(other than section 1109L)" after "Division";

    (b)    by omitting from subsection (3) "instrument that is lodged with" and substituting "document that is lodged with or sent to";

    (c)     by omitting from subsections (4) and (6) "sufficient transfer under this Division" and substituting "Division 3 transfer";

    (d)    by omitting from subsection (5) "This Division does not prevent or affect" and substituting "Nothing in this Division (except section 1109K) prevents or affects";

    (e)     by omitting from paragraph (5)(b) "an instrument of transfer of" and substituting "a document transferring".

Occupation need not appear in transfer document, register etc.

168. Section 1111 of the Corporations Law is amended by omitting subsection (1) and substituting the following subsection:

"(1) A document transferring marketable securities or marketable rights need not state the occupation of the transferor or transferee and, if the document is signed by a person, the signature need not be witnessed.".

169. After section 1112 of the Corporations Law the following section is inserted in Division 3 of Part 7.13:

Offences: inclusion of identification codes in proper SCH transfers

"1112A. A person must not, in this jurisdiction or elsewhere, include a member organisation's identification code in a document that may be used to effect a proper SCH transfer unless:

   (a) the person:
         (i) is the member organisation or, if it is a partnership, is a partner in the member organisation; or

         (ii) is authorised so to include the identification code by the member organisation; and