Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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:
(a) a share in a company (including a body to which section 1073C of the Act applies);
(b) a debenture of a company (including a body to which section 1073C of the Act applies);
(c) an interest in a registered scheme mentioned in regulations made under paragraph 1073A(1)(c) of the Act.