Commonwealth Repealed Acts

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This legislation has been repealed.

CORPORATIONS LAW
- SECT 954

Making of claims
(1)
Neither subsection 949(1) nor 950(1) entitles a person to make a claim in respect of:

(a)
a sale of securities by the person to another person; or
(b)
a purchase of securities by the person from another person;

as the case may be, unless, on the day on which the agreement for the sale or purchase was entered into:

(c)
the first-mentioned person was a member organisation of a participating exchange and carried on in this jurisdiction a securities business; and
(d)
the other person was a member organisation of a participating exchange.
(2)
Neither subsection 951(1) nor 952(1) entitles a person to make a claim in respect of:

(a)
a sale of securities by another person on behalf of the first-mentioned person; or
(b)
a purchase of securities by another person on behalf of the first-mentioned person;

as the case may be, unless, on the day on which the agreement for the sale or purchase was entered into, the other person was a member organisation of a participating exchange and carried on in this jurisdiction a securities business.

(2A)
Where:

(a)
subsection 949(1), 950(1), 951(1) or 952(1) of the Corporations Law of another jurisdiction entitles a person to make a claim in respect of a transaction; and
(b)
SEGC allows the claim;

SEGC must not allow a claim that the corresponding subsection of the Corporations Law of this jurisdiction entitles a person to make in respect of the transaction.

(3)
In subsections (1), (2) and (2A):

person includes a partnership.

(4)
A claim shall be in writing and shall be served on SEGC within 6 months after the day on which the claimant became entitled to make the claim.

(5)
A claim that is not made within the period prescribed by subsection (4) is barred unless the Board otherwise determines.


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