transfer (1) If a person authorises a member organisation to enter into a
transaction (for example, a sale) involving the disposal of quoted securities
or quoted rights, the person is taken also to have authorised the member
organisation to effect any proper SCH transfer of all or any of those
securities or rights that the member organisation effects, even if the
transfer has no connection with the transaction.
- Note: The transfer may have
no connection with the transaction because of the operation of the provisions
of the SCH business rules referred to in subsection 954P(1).
(2) The authority that the person is taken, by subsection (1), to have
given:
- (a)
- is revoked if, before the transaction is entered into, the
authority to enter into the transaction is revoked or otherwise ceases to have
effect; and
- (b)
- cannot otherwise be revoked; and
- (c)
- if the person dies after the transaction is entered intocontinues in
force, despite the person's death, as if the person were still alive (but
cannot be revoked).