Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:2:p11
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 2 (pt 11/22)
Character Range: 461029–464215

Section 954T of the Corporations Law is amended by omitting "participating exchange" (wherever occurring) and substituting "settlement authority".

Claims in respect of default by TDS nominee

148. Section 954X of the Corporations Law is amended by omitting from subparagraph (1)(c)(i) and subsections (2) and (3) "participating exchange" (wherever occurring) and substituting "settlement authority".

How claim under subsection 954X(2) is to be satisfied

149. Section 954Z of the Corporations Law is amended by omitting "participating exchange" from paragraph (a) of the definition of "pre-cash settlement period" in subsection (5) and substituting "settlement authority".

Nexus with this jurisdiction

150. Section 954ZB of the Corporations Law is amended by omitting from paragraph (a) "participating exchange" (wherever occurring) and substituting "settlement authority".

Interpretation

  151. Section 955 of the Corporations Law is amended:

   (a) by inserting in subsection (1) the following definitions:

     " 'transferor' has the meaning given by paragraph 956(3)(b);

     'transferred securities' has the meaning given by paragraph 956(3)(c);

     'unauthorised execution' has the meaning given by paragraph 956(3)(a).";

   (b) by omitting from subsection (2) "A" and substituting "For the purposes of subsection 956(1), a".

152. Section 956 of the Corporations Law is repealed and the following section is substituted:

Situations to which Division applies

  "956.(1) This Division applies if:

    (a)     a dealer executes a document of transfer of securities on behalf of a person as transferor of the securities; and

  (b)     the transfer is not an SCH-regulated transfer; and

    (c)     apart from the effect of paragraph 1105(3)(a), the person did not authorise the dealer to execute the document.

  "(2) This Division also applies if:

    (a)     a dealer effects, or purports to effect, a proper SCH transfer of securities on behalf of a person; and

    (b)     apart from the effect of section 1109B, the person did not authorise the dealer to effect the transfer.

  "(3) In this Division:

    (a)     the dealer's action referred to in whichever of paragraphs (l)(a) and (2)(a) is applicable is called the 'unauthorised execution'; and

    (b)     the person referred to in whichever of those paragraphs is applicable is called the 'transferor'; and

    (c)     the securities referred to in whichever of those paragraphs is applicable are called the 'transferred securities'.".

Claim by transferee or sub-transferee

  153. Section 958 of the Corporations Law is amended:

    (a) by omitting paragraph (1)(a) and substituting the following paragraph:

      "(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)    by omitting from paragraph (1)(b) "the person so stated" and substituting "that person";

     (c)     by omitting from paragraph (2)(a) "execution of the document" and