Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:2:p15
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 2 (pt 15/22)
Character Range: 472111–475152

may, by writing, declare that this Law, and the regulations, or that specified provisions of this Law and the regulations, have effect (subject to any modifications specified in the declaration) in relation to particular securities, or a particular class of securities, that are not quoted securities or quoted rights as if those securities, or securities of that class, were quoted securities or quoted rights.

  "(2) A declaration under subsection (1) has effect accordingly.

"(3) The Commission must cause a copy of a declaration under subsection (1) to be published in the Gazette.

Transfer that substantially complies with SCH business rules

"1097D. For the purposes of this Division, if the securities clearing house determines under the SCH business rules that an SCH-regulated transfer substantially complies with the applicable provisions of those business rules, the transfer is taken to be, and always to have been, a proper SCH transfer.".

165. After section 1099 of the Corporations Law the following heading and section are inserted:

          "Subdivision B—Sufficient transfers (transfers other than SCH-regulated transfers)

Subdivision does not apply to SCH-regulated transfers

  "1099A. Nothing in this Subdivision applies in relation to:

  (a)     an SCH-regulated transfer; or

  (b)     a document that relates to such a transfer.".

166. After section 1109 of the Corporations Law the following headings and sections are inserted:

"Subdivision C—SCH-regulated transfers

Member organisation's authority to enter into transaction continues despite client's death

  "1109A. If:

     (a)     a person authorises a member organisation to enter into a transaction (for example, a sale) involving the disposal of quoted securities or quoted rights; and

     (b)     the person dies before the member organisation enters into the transaction; and

     (c)     the authority is still in force immediately before the person dies;

then:

     (d)     the authority continues, despite the person's death, as if the person were still alive, but can be revoked by the person's legal representative just as the person could revoke it if the person were still alive; and

     (e)     if the member organisation enters into the transaction while the authority so continues—the transaction is binding on the person's legal representative.

Authority to enter into transaction gives authority to transfer

"1109B.(1) If a person authorises a member organisation to enter into a transaction (for example, a sale) involving the disposal of quoted securities or quoted rights, the person is taken also to have authorised the member organisation to effect any proper SCH transfer of all or

any of those securities or rights that the member organisation effects, even if the transfer has no connection with the transaction.

   Note: The transfer may have no connection with the transaction because of the operation of the provisions of the SCH business rules referred to in subsection 954P(1).

"(2) The authority that