Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 980

980. (1) Where SEGC:

   (a)  allows under subsection 949 (5) or 951 (3) a claim made under Division
        6 in respect of a sale of securities; or

   (b)  allows under subsection 950 (2) or 952 (3) a claim made under Division
        6 in respect of a purchase of securities; SEGC is subrogated to all
        the claimant's rights and remedies in relation to the sale or
        purchase, as the case may be.

(2) Where SEGC allows a claim made under Division 7 in respect of an
unauthorised execution of a document of transfer, SEGC is subrogated to all
the claimant's rights and remedies in relation to that execution of that
document.

(3) Where SEGC allows a claim made under Division 8 in respect of property,
SEGC is subrogated to all the claimant's rights and remedies in relation to
the property.

(4) Where, by virtue of this section, SEGC is subrogated to a right or remedy
that a person has against another person, then:

   (a)  if SEGC has reason to believe that an insurer may be liable to
        indemnify the other person in respect of the subject matter of the
        right or remedy-SEGC shall serve a notice on the insurer setting out
        particulars of the right or remedy and stating that SEGC is, by virtue
        of this section, subrogated to the right or remedy;

   (b)  an insurer that considers that it may be liable so to indemnify the
        other person may, whether or not SEGC has served a notice on the
        insurer under paragraph (a), apply to be joined as a party to a
        proceeding that relates to the right or remedy and to which the
        first-mentioned person or SEGC is a party; and

   (c)  the first-mentioned person or SEGC may, to the extent of the liability
        of an insurer so to indemnify the other person, enforce against the
        insurer a judgment or order obtained in such a proceeding in so far as
        the proceeding relates to the right or remedy.

(5) Except as provided in this section, nothing in this Part affects a right
or remedy that a claimant under Division 6, 7 or 8 has against a person other
than SEGC.