THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 1 - Title to securities

SECTION 1085  NATURE OF SHARES AND OTHER INTERESTS  

1085(1)  [Qualities]  

A share or other interest of a member in a company:

(a)  is personal property;

(b)  is transferable or transmissible as provided by the company's constitution, or, if they are applicable, the SCH business rules; and

(c)  subject to the company's constitution (if any) and any replaceable rules that apply to the company, and, if they are applicable, the SCH business rules, is capable of devolution by will or by operation of law.

1085(2)  [Personal property]  

Subject to subsection (1):

(a)  the laws applicable to ownership of and dealing with personal property apply to a share or other interest of a member in a company as they apply to other property; and

(b)  equitable interests in respect of a share or other interest of a member in a company may be created, dealt with and enforced as in the case of other personal property.

1085(3)  [Situation]  

For the purposes of any law, a share or other interest of a member in a company is taken to be situated:

(a)  if the share or other interest is entered on the register kept under section 169 - in the State or Territory where that register is kept; or

(b)  if the share or other interest is entered on an overseas branch register kept under section 178 - in the foreign country where that register is kept.




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