Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 152

152. Section 956 of the Corporations Law is repealed and the following section
is substituted: Situations to which Division applies

"956.(1) This Division applies if:

   (a)  a dealer executes a document of transfer of securities on behalf of a
        person as transferor of the securities; and

   (b)  the transfer is not an SCH-regulated transfer; and

   (c)  apart from the effect of paragraph 1105(3)(a), the person did not
        authorise the dealer to execute the document.

"(2) This Division also applies if:

   (a)  a dealer effects, or purports to effect, a proper SCH transfer of
        securities on behalf of a person; and

   (b)  apart from the effect of section 1109B, the person did not authorise
        the dealer to effect the transfer.

"(3) In this Division:

   (a)  the dealer's action referred to in whichever of paragraphs (1)(a) and
        (2)(a) is applicable is called the 'unauthorised execution'; and

   (b)  the person referred to in whichever of those paragraphs is applicable
        is called the 'transferor'; and

   (c)  the securities referred to in whichever of those paragraphs is
        applicable are called the 'transferred securities'.".