Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 87

Proper authority from futures licensee; invalid futures authority

 
 
(1)
A reference, in relation to a person (in this
subsection called the representative), to a proper authority from a
futures licensee (in this subsection called the principal) is a reference
to a copy of the licence on which have been endorsed: 
 
 
 
(a)
a statement: 

 

(i)
certifying the copy to be a true copy of the licence;

(ii)
stating that the representative is employed by, or acts for or
by arrangement with, the principal; and

(iii)
signed by the principal; and 

 
 
(b)
in relation to
each futures licensee (if any), other than the principal, of whom the
representative is a futures representative, a statement that: 

 
 
(i)
sets
out the name of the licensee;

(ii)
states that the representative is employed by, or acts for or by
arrangement with, the licensee;

(iii)
states that the licensee consents to the representative being
employed by, or acting for or by arrangement with, the principal;
and

(iv)
is signed by the licensee. 

 
 
(1A)
A reference, in relation to a
person (in this subsection called the representative), to a proper
authority from a futures licensee (in this subsection called the
principal) includes a reference to a document that, immediately before
the commencement of Division 3 of Part 8.3, was a proper authority from that
principal in relation to that representative under a previous law that
corresponds to subsection (1).


(2)
A reference, in relation to a person (in this subsection called
the representative), to an invalid futures authority from a person (in
this subsection called the principal) is a reference to a document:
 
 
 
(a)
on which is
endorsed a statement: 

 
 
(i)
stating
that the representative is employed by, or acts for or by arrangement with,
the principal; and

(ii)
signed by the principal; and 

 
 
(b)
that purports
to be a copy of a futures licence and to be a proper authority of the
representative from the principal, but is not in fact such a proper authority;


 
whether or not:
 

(c)
the principal is, or has ever been, a futures licensee;
or

(d)
the document is in fact a copy of a futures licence that exists
or has ever existed. 

 
 
(3)
For the purposes of this section, a
statement is signed by a person if, and only if, it is signed: 
 
 
 
(a)
if the person is a natural
person—by the person; or

(b)
if the person is a body corporate: 

 
 
(i)
by a
director or secretary; or

(ii)
by an executive officer who is authorised to sign the statement.