Document ID: chunk:federal_register_of_legislation:C2004A04777:front:0:p14
Version: federal_register_of_legislation:C2004A04777
Segment Type: other
Provision Reference: 
Character Range: 34043–36913

corporate's constitution or any relevant trust deed) that apply to the meeting.

Determination of who holds quoted securities for the purposes of conferring security benefits

"1109P.(1) If the SCH business rules include provisions relating to the determination, for the purposes of conferring security benefits, of who holds or is taken to hold quoted securities at a particular time, those provisions have effect accordingly despite anything in:

  (a) this Law or the regulations; and

  (b) any other laws (written or unwritten) that apply to the conferral; and

     (c) any documents (for example, the body corporate's constitution or any relevant trust deed) that apply to the conferral.

  "(2) For the purposes of this section, conferring a security benefit means:

    (a) paying or transferring money or property to a person because the person holds or held a security; or

    (b) issuing securities to a person because the person holds or held a security; or

    (c) conferring a right on a person because the person holds or held a security.".

30. After section 1112A:

  Insert in Division 3 of Part 7.13:

SCHEDULE 2—continued

Offences: contravention by broker of the SCH certificate cancellation provisions relating to use of cancellation stamps

"1112B  A broker must not, intentionally or recklessly, contravene the SCH certificate cancellation provisions by affixing, or failing to affix, a cancellation stamp to a certificate or other document of title to quoted securities or quoted rights.

Civil liability: contravention by broker of the SCH certificate cancellation provisions

"1112C.(1) A person who suffers loss or damage because of conduct of a broker that was engaged in in contravention of the SCH certificate cancellation provisions may, unless the person was involved in the contravention, recover the amount of the loss or damage by action against the broker, whether or not the broker has been convicted of an offence in respect of the contravention.

"(2) An action under subsection (1) must be begun within 6 years after the day on which the cause of action arose.

"(3) This section does not affect a liability that a person has under any other law.

"(4) For the purposes of section 1310B, an action under subsection (1) is taken to be a proceeding in respect of loss or damage arising out of a contravention of this Law.

Issuer protected from civil liability for broker's contravention of SCH certificate cancellation provisions

  "1112D. If:

     (a) a broker contravenes the SCH certificate cancellation provisions in relation to particular quoted securities or quoted rights; and

     (b) the issuing body in relation to the securities or rights is not involved in the contravention;

the issuing body is not liable to an action or other proceeding for damages in relation to the broker's contravention.".

31. Schedule