Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1203

1203. (1) This section applies where, immediately before the commencement of
section 1201, a person was, for the purposes of subsection 78 (5) of the
Futures Industry Act 1986 or a law corresponding to that subsection,
disqualified, or deemed to be disqualified, either permanently or for a
period, because of an order of an Australian court, from holding:

   (a)  a futures broker's licence;

   (b)  a futures adviser's licence;

   (c)  a futures broker's representatives licence; or

   (d)  a futures adviser's representatives licence; under that Act or a
        corresponding law.

(2) As from that commencement, the order has effect for the purposes of this
Act as if it were an order:

   (a)  disqualifying the person, permanently or for that period, as the case
        may be, from holding:

        (i)    if paragraph (1) (a) applies-a futures brokers licence under
               this Act; or

        (ii)   if paragraph (1) (b) applies-a futures advisers licence under
               this Act; or

   (b)  prohibiting the person, permanently or for that period, as the case
        may be, from doing an act as:

        (i)    if paragraph (1) (c) applies-a representative of a futures
               broker; or (ii) if paragraph (1) (d) applies-a representative
               of a futures adviser; as the case requires, being an order in
               force under subsection 1201 (2).

(3) The effect that the order has by force of subsection (2) is in addition
to, and does not prejudice, its effect otherwise than by force of that
subsection.