Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 137

137. Section 951 of the Corporations Law is amended:

   (a)  by inserting before paragraph (1)(a) the following paragraph:

"(aa) if a transfer of the securities concerned pursuant to the sale would be
an SCH-regulated transfer - the person:

        (i)    in a case to which subparagraph (ii) does not apply - has done
               all things necessary to enable the dealer to do all things that
               the dealer is required to do under the SCH business rules to
               effect a transfer of the securities pursuant to the sale; or

        (ii)   if the dealer has been suspended by the participating exchange
               concerned, or the dealer's status as an SCH participant has
               been suspended under the SCH business rules, and that
               suspension has not been removed - has done, or is ready,
               willing and able to do, all things necessary to enable the
               dealer to do all things that the dealer is required to do under
               the SCH business rules to effect a transfer of the securities
               pursuant to the sale; and";
(b) by inserting in paragraph (1)(a) "if paragraph (aa) does not apply - "
before "the person";

   (c)  by inserting after paragraph (3)(a) the following word and paragraph:

"and (aa) if a transfer of the securities pursuant to the sale would be an
SCH-regulated transfer - the claimant:

        (i)    has done all things necessary to enable the dealer to do all
               things that the dealer is required to do under the SCH business
               rules to effect a transfer of the securities pursuant to the
               sale; or

        (ii)   has, for the purposes of the claim, in accordance with the SCH
               business rules, transferred to SEGC or to an Exchange body
               securities of the same kind and number as the first-mentioned
               securities; and";
(d) by inserting in paragraph (3)(b) "if paragraph (aa) does not apply - "
before "the claimant";

   (e)  by adding at the end the following subsection:

"(4) If a person transfers securities to an Exchange body as mentioned in
subparagraph (3)(aa)(ii), the Exchange body must account to SEGC for those
securities in accordance with the SCH business rules.".