Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 844

844. (1) This section applies:

   (a)  in relation to a dealer that is a corporation, in relation to a
        transaction of sale or purchase of securities; or

   (b)  in relation to a dealer that is not a corporation, in relation to a
        transaction of sale or purchase of securities that is entered into in
        the course of an eligible securities business carried on by the
        dealer.

(2) A dealer shall not, except as permitted by subsection (3), enter into, as
principal or on behalf of an associate of the dealer, a transaction of
purchase or sale of securities that are permitted to be traded on a stock
market of a securities exchange if a client of the dealer who is not an
associate of the dealer has instructed the dealer to buy or sell, as the case
may be, securities of the same class and the dealer has not complied with the
instruction.

(3) Subsection (2) does not apply in relation to the entering into of a
transaction by a dealer as principal or on behalf of an associate of the
dealer if:

   (a)  the instructions from the client concerned required the purchase or
        sale of securities on behalf of the client to be effected only on
        specified conditions relating to the price at which the securities
        were to be bought or sold and the dealer has been unable to buy or
        sell the securities because of those conditions; or

   (b)  the transaction is entered into in prescribed circumstances.