Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW
- SECT 960
How claim is to be satisfied
- (1)
- Where the Board is
satisfied that a claimant under section 957 or 958 is entitled to make the
claim, SEGC shall allow the claim.
- (2)
- If SEGC allows the claim
and the claimant has, as a result of the unauthorised execution, ceased to
hold some or all of the transferred securities, SEGC shall:
- (a)
- subject to
paragraph (b), supply to the claimant securities of the same kind and number
as those of the transferred securities that the claimant has so ceased to
hold; or
- (b)
- if the Board is satisfied
that it is not practicable for SEGC to obtain such securities, or to obtain
such securities within a reasonable timepay to the claimant the amount
that, as at the time when the Board decides that it is so satisfied, is the
actual pecuniary loss suffered by the claimant, in respect of the transferred
securities, as a result of the unauthorised execution (other than loss
suffered as mentioned in subsection (3)).
- (3)
- If SEGC allows the claim,
it shall pay to the claimant the amount that, as at the time when the claim is
allowed, or when the Board decides as mentioned in paragraph (2)(b), as the
case requires, is the actual pecuniary loss suffered by the claimant, as a
result of the unauthorised execution, in respect of payments or other
benefits:
- (a)
- in any
caseto which the claimant would have become entitled, as the holder of
such of the transferred securities as the claimant has, as a result of the
unauthorised execution, ceased to hold, if the claimant had continued to hold
the securities concerned until that time;
or
- (b)
- if the claim was made
under section 958that the claimant has received as holder of any of the
transferred securities.
- (4)
- For the purposes of this
section, where securities are purportedly transferred from a person to another
person, the first-mentioned person shall be deemed to cease to hold, and the
other person shall be deemed to hold, the securities even if the other person
did not by virtue of the transfer get a good title to the securities.
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