Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 25 Dealing in futures contracts: general

(1)

Subject to sections 26 and 27, a person deals in a futures contract if, and only if, the person:

(a)

acquires, or disposes of, the futures contract;

(b)

offers to acquire, or to dispose of, the futures contract; or

(c)

induces, or attempts to induce, another person to acquire, or to dispose of, the futures contract.

(2)

Subject to sections 26 and 27, a person deals in a futures contract on another person's behalf if, and only if, the first-mentioned person acquires, or disposes of, the futures contract on the other person's behalf, or offers so to acquire, or so to dispose of, the futures contract.

(3)

In determining whether or not a person who is not a resident of Australia or of an external Territory deals in a futures contract on another person's behalf, an act that the holder of a futures brokers licence or an exempt broker does on the first-mentioned person's behalf shall be disregarded.

(4)

Subsection (5) has effect for the purposes of determining:

(a)

whether or not a person deals in a futures contract on another person's behalf;

(c)

what constitutes such a business carried on by a person.

(5)

An act that the person does:

(a)

while employed by, or acting for or by arrangement with, a futures broker;

(b)

as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the broker; and

(c)

in connection with a business of dealing in futures contracts that the broker carries on;

shall be disregarded.

(6)

Subsections (3), (4) and (5) do not have effect for the purposes of sections 26, 27, 28, 1126 and 1132.