Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 87

87. (1) A reference, in relation to a person (in this subsection called the

"representative"), to a proper authority from a futures licensee (in this
subsection called the "principal") is a reference to a copy of the licence on
which have been endorsed:

   (a)  a statement:

        (i)    certifying the copy to be a true copy of the licence;

        (ii)   stating that the representative is employed by, or acts for or
               by arrangement with, the principal; and

        (iii)  signed by the principal; and

   (b)  in relation to each futures licensee (if any), other than the
        principal, of whom the representative is a futures representative, a
        statement that:

        (i)    sets out the name of the licensee;

        (ii)   states that the representative is employed by, or acts for or
               by arrangement with, the licensee;

        (iii)  states that the licensee consents to the representative being
               employed by, or acting for or by arrangement with, the
               principal; and

        (iv)   is signed by the licensee.

(2) A reference, in relation to a person (in this subsection called the

"representative"), to an invalid futures authority from a person (in this
subsection called the "principal") is a reference to a document:

   (a)  on which is endorsed a statement:

        (i)    stating that the representative is employed by, or acts for or
               by arrangement with, the principal; and

        (ii)   signed by the principal; and

   (b)  that purports to be a copy of a futures licence and to be a proper
        authority of the representative from the principal, but is not in fact
        such a proper authority; whether or not:

   (c)  the principal is, or has ever been, a futures licensee; or

   (d)  the document is in fact a copy of a futures licence that exists or has
        ever existed.

(3) For the purposes of this section, a statement is signed by a person if,
and only if, it is signed:

   (a)  if the person is a natural person-by the person; or

   (b)  if the person is a body corporate:

        (i)    by a director or secretary; or

        (ii)   by an executive officer who is authorised to sign the
               statement.