THE CORPORATIONS LAW

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 4 - Dealing in futures contracts

SECTION 27   DEALING IN FUTURES CONTRACTS THROUGH INTERMEDIARIES: SECOND AND LATER STEPS  

27(1)  [Effect of section]  

Where:

(a)  because of instructions given, or any other act done, by a person (in this section called the ``intermediary''), the intermediary is, by virtue of:

(i) an application of section 26; or

(ii) an application of section 26 and an application, or 2 or more applications, of this section;

to be deemed to acquire, dispose of, or deal in, a futures contract; and

(b)  the intermediary gave the instructions, or did that other act, on behalf of another person (in this section called the ``principal'');

this section has effect, except for the purposes of section 26.

27(2)  [Principal]  

The principal shall also be deemed to acquire, dispose of, or deal in, as the case may be, the futures contract.

27(3)  [Deemed acquisition, disposal, etc]  

The intermediary and:

(a)  if subparagraph (1)(a)(i) applies - the person who acquires, disposes of, or otherwise deals in, as the case may be; or

(b)  if subparagraph (1)(a)(ii) applies - the persons who, by virtue of the applications referred to in that subparagraph, are each deemed to acquire, dispose of, or deal in, as the case may be;

the futures contract on the intermediary's behalf shall each be deemed to acquire, dispose of, or deal in, as the case may be, the futures contract on the principal's behalf.