Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:21:p13
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 21 (pt 13/24)
Character Range: 1506103–1508826

transfer has any connection with the transaction.
Note: The transfer may have no connection with the transaction because of the operation of the provisions of the ASTC operating rules mentioned in subregulation 7.5.41(1).
 (3) The authority that the person is taken by subregulation (2) to have given:
 (a) is revoked if, before the transaction is entered into, the authority to enter into the transaction is revoked or otherwise ceases to have effect; and
 (b) cannot otherwise be revoked.
 (4) If the person dies after the transaction is entered into, the authority:
 (a) continues in force, despite the person's death, as if the person were still alive; and
 (b) cannot be revoked.
 (5) If:
 (a) the authority mentioned in subregulations (1) and (2) is given to a participant (the transacting participant) in a financial market; and
 (b) under the market licensee's operating rules, a participant in a clearing and settlement facility (the clearing participant) has the function of completing the relevant transaction;
the clearing participant has the same authority as the transacting participant has under subregulations (1) and (2).

7.11.27  Effect of proper ASTC transfer on transferee: Division 4 financial products other than rights
 (1) If a proper ASTC transfer of a Division 4 financial product (other than rights) takes effect at a particular time:
 (a) the transferee is taken to have agreed at that time to accept the Division 4 financial product subject to the terms and conditions on which the transferor held them immediately before that time; and
 (b) the terms and conditions are the terms and conditions applicable as between the issuer in relation to, and the holder for the time being of, the Division 4 financial product.
 (2) If the Division 4 financial product is shares, the transferee is also taken to have agreed at that time:
 (a) to become a member of the issuer; and
 (b) to be bound by the issuer's constitution.
 (3) If the Division 4 financial product is an interest in a managed investment scheme, the transferee is also taken to have agreed at that time:
 (a) to become a member of the managed investment scheme; and
 (b) to be bound by the constitution of the managed investment scheme to the extent that:
 (i) the transferee will comply with any requirement imposed on the transferee by the constitution; and
 (ii) the transferee will not impede compliance by another person with any requirement imposed on the other person by the constitution.
 (4) In this regulation:
right means a right, whether existing or future, and whether contingent or not, of a person to have any of the following issued to the person, whether or not on payment of any money or for any other consideration: