THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 2 - Transfer of securities

SECTION 1091AB   TRANSMISSION OF SHARES ON BANKRUPTCY (replaceable rule - see section 135)  

1091AB(1)  [Information given]  

If a person entitled to shares because of the bankruptcy of a shareholder gives the directors the information they reasonably require to establish the person's entitlement to be registered as holder of the shares, the person may:

(a)  by giving a written and signed notice to the company, elect to be registered as the holder of the shares; or

(b)  by giving a completed transfer form to the company, transfer the shares to another person.

1091AB(2)  [Election]  

On receiving an election under paragraph (1)(a), the company must register the person as the holder of the shares.

1091AB(3)  [Transfer rules]  

A transfer under paragraph (1)(b) is subject to the same rules (for example, about entitlement to transfer and registration of transfers) as apply to transfers generally.

1091AB(4)  [Bankruptcy Act]  

This section has effect subject to the Bankruptcy Act 1966.