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THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY

Division 2 - Agreements with unlicensed persons

Subdivision B - Effect on agreements

SECTION 801   AGREEMENT UNENFORCEABLE AGAINST CLIENT  

801(1)  [Application of section]  

This section:

(a)  applies while both of the following are the case:

(i) the client is entitled to give a notice under section 798;
(ii) a notice so given will result under section 799 in rescission of the agreement; and

(b)  applies after the agreement is rescinded under section 799;

but does not otherwise apply.

801(2)  [Agreement unenforceable]  

The non-licensee is not entitled, as against the client:

(a)  to enforce the agreement, whether directly or indirectly; or

(b)  to rely on the agreement, whether directly or indirectly and whether by way of defence or otherwise.