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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1109A
Member organisation's authority to enter into transaction
continues despite client's death If:
- (a)
- a person authorises a
member organisation to enter into a transaction (for example, a sale)
involving the disposal of quoted securities or quoted rights; and
- (b)
- the person dies before the member organisation enters into the
transaction; and
- (c)
- the authority is still in force immediately before the person dies;
then:
- (d)
- the authority continues, despite the person's death, as if the person were
still alive, but can be revoked by the person's legal representative just as
the person could revoke it if the person were still alive; and
- (e)
- if the member organisation enters into the transaction while the authority
so continuesthe transaction is binding on the person's
legal representative.
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