CORPORATIONS REGULATIONS 1990 (REPEALED)
CHAPTER 1
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INTRODUCTORY
PART 1.2
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INTERPRETATION
Division 4
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Deliverable share futures contracts
Subdivision A
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Preliminary
REGULATION 1.2.21
WHAT IS A DELIVERABLE SHARE FUTURES CONTRACT?
1.2.21(1)
For the purposes of this Division, a deliverable share futures contract is a standardised agreement under which a person has a Chapter 8 obligation to transfer, or to accept a transfer of, a particular quantity of shares of a listed corporation:
(a) at a particular future time; and
(b) for a particular price, or a price to be calculated in a particular manner.
1.2.21(2)
An agreement is a deliverable share futures contract:
(a) whether or not the subject matter of the agreement is in existence; and
(b) whether or not the agreement has any other effect; and
(c) whether or not the agreement is capable of being varied or discharged before that future time; and
(d) where it appears likely at the time the agreement is entered into, having regard to all relevant circumstances (other than the respective intentions of the person in the sold position, and the person in the bought position, under the agreement), that:
(e) whether the Chapter 8 obligation of a person in the sold position under the agreement to transfer shares in accordance with that agreement is discharged by that person, or another person, effecting the transfer.
For the purposes of this Division, a deliverable share futures contract is a standardised agreement under which a person has a Chapter 8 obligation to transfer, or to accept a transfer of, a particular quantity of shares of a listed corporation:
(a) at a particular future time; and
(b) for a particular price, or a price to be calculated in a particular manner.
1.2.21(2)
An agreement is a deliverable share futures contract:
(a) whether or not the subject matter of the agreement is in existence; and
(b) whether or not the agreement has any other effect; and
(c) whether or not the agreement is capable of being varied or discharged before that future time; and
(d) where it appears likely at the time the agreement is entered into, having regard to all relevant circumstances (other than the respective intentions of the person in the sold position, and the person in the bought position, under the agreement), that:
(i) the Chapter 8 obligation of the person in the sold position under the agreement to transfer shares in accordance with that agreement will be discharged otherwise than by the person effecting the transfer; or
(ii) the Chapter 8 obligation of the person in the bought position under the agreement to accept transfer of the shares in accordance with that agreement will be discharged otherwise than by the person accepting the transfer; or
(iii) the person in the sold position, or bought position, under the agreement will assume an offsetting bought position, or offsetting sold position, as the case may be, under another agreement of the same kind; and
(e) whether the Chapter 8 obligation of a person in the sold position under the agreement to transfer shares in accordance with that agreement is discharged by that person, or another person, effecting the transfer.
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