CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 7 - SECURITIES
PART 7.3 - PARTICIPANTS IN THE SECURITIES INDUSTRY
Division 2 - Agreements with unlicensed persons
Subdivision B - Effect on agreements
SECTION 802
NON-LICENSEE NOT ENTITLED TO RECOVER COMMISSION
802(1)
[Application of section]
Without limiting the generality of section
801, this section:
(a)
applies while the client is entitled to give a notice under section
798; and
(b)
applies after the client so gives a notice, even if the notice does not result under section
799 in rescission of the agreement;
but does not otherwise apply.
802(2)
[Recovery of commission denied]
The non-licensee is not entitled to recover by any means (including, for example, set-off or a claim on a
quantum meruit) any brokerage, commission or other fee for which the client would, but for this section, have been liable to the non-licensee under or in connection with the agreement.