Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 27 Dealing in futures contracts through intermediaries: second and later steps

(1)

Where:

(a)

because of instructions given, or any other act done, by a person (in this section called the intermediary), the intermediary is, by virtue of:

(i)

an application of section 26; or

(ii)

an application of section 26 and an application, or 2 or more applications, of this section;

to be deemed to acquire, dispose of, or deal in, a futures contract; and

(b)

the intermediary gave the instructions, or did that other act, on behalf of another person (in this section called the principal);

this section has effect, except for the purposes of section 26.

(2)

The principal shall also be deemed to acquire, dispose of, or deal in, as the case may be, the futures contract.

(3)

The intermediary and:

(a)

if subparagraph (1)(a)(i) applies—the person who acquires, disposes of, or otherwise deals in, as the case may be; or

(b)

if subparagraph (1)(a)(ii) applies—the persons who, by virtue of the applications referred to in that subparagraph, are each deemed to acquire, dispose of, or deal in, as the case may be;

the futures contract on the intermediary's behalf shall each be deemed to acquire, dispose of, or deal in, as the case may be, the futures contract on the principal's behalf.