Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1070a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1070A
Character Range: 734829–736705

1070A  Nature of shares and certain other interests in a company or registered scheme

 (1) A share, other interest of a member in a company or interest of a person in a registered scheme:
 (a) is personal property; and
 (b) is transferable or transmissible as provided by:
 (i) the company's, or scheme's, constitution; or
 (ii) the operating rules of a prescribed CS facility if they are applicable; and
 (c) is capable of devolution by will or by operation of law.

 (2) Paragraph (1)(c) has effect subject to:
 (a) in the case of a company:
 (i) the company's constitution (if any); and
 (ii) any replaceable rules that apply to the company; and
 (iii) the operating rules of a prescribed CS facility if they apply to the share or interest; and
 (b) in the case of a scheme:
 (i) the scheme's constitution; and
 (ii) the operating rules of a prescribed CS facility if they apply to the interest.

 (3) Subject to subsection (1):
 (a) the laws applicable to ownership of, and dealing with, personal property apply to a share, other interest of a member in a company or interest of a person in a registered scheme as they apply to other property; and
 (b) equitable interests in respect of a share, interest of a member in a company or other interest of a person in a registered scheme may be created, dealt with and enforced as in the case of other personal property.

 (4) For the purposes of any law, a share, other interest of a member in a company or interest of a person in a registered scheme is taken to be situated:
 (a) if the share, interest in a company, or interest in a registered scheme is entered on the register kept under section 169—in the State or Territory where that register is kept; or
 (b) if the share or interest in the company is entered on an overseas branch register kept under section 178—in the foreign country where that register is kept.