Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]

PART 7.11 - TITLE AND TRANSFER

Division 4 - Transfer of Division 4 financial products effected through prescribed CS facility

REGULATION 7.11.28 EFFECT OF PROPER ASTC TRANSFER ON TRANSFEREE: RIGHTS

7.11.28(1) [ Deemed application and agreement as to terms and conditions]

If a proper ASTC transfer of a Division 4 financial product that is rights (other than rights that relate to an interest in a managed investment scheme) takes effect at a particular time, the transferee is taken:

(a) to have applied at that time to the issuer in relation to the rights for the issue to the transferee of the Division 4 financial product to which the rights relate; and

(b) to have agreed at that time to accept the Division 4 financial product to which the rights relate subject to the terms and conditions on which the issuer offers them for subscription.

7.11.28(2) [ Shares]

If the Division 4 financial product to which the rights (other than rights that relate to an interest in a managed investment scheme) relate is shares, the transferee is also taken to have agreed, at that time:

(a) to become a member of the issuer; and

(b) to be bound, on being registered as the holder of the shares, by the issuer's constitution.

7.11.28(3) [ Interest in a managed investment scheme]

If the Division 4 financial product is a right to an interest in a managed investment scheme, the transferee is also taken to have agreed at that time:

(a) to have applied at that time to the responsible entity in relation to the rights for the issue to the transferee of the interest in a managed investment scheme to which the rights relate; and

(b) to have agreed at that time to accept the interest in a managed investment scheme to which the rights relate subject to the terms and conditions on which they are offered by the responsible entity; and

(c) to become a member of the managed investment scheme; and

(d) to be bound by the constitution of the managed investment scheme to the extent that:

(i) the transferee will comply with any requirement imposed on the transferee by the constitution; and

(ii) the transferee will not impede compliance by another person with any requirement imposed on the other person by the constitution.

7.11.28(4) [ ``right'']

In this regulation:

right
means a right, whether existing or future, and whether contingent or not, of a person to have any of the following issued to the person, whether or not on payment of any money or for any other consideration:

(a) a share in a company (including a body to which section 1073C of the Act applies);

(b) a debenture of a company (including a body to which section 1073C of the Act applies);

(c) an interest in a registered scheme mentioned in regulations made under paragraph 1073A(1) (c) of the Act.

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