CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.11 - TITLE AND TRANSFER  

Division 2 - Transfer of certain securities  

Subdivision B - Special provisions for shares  

SECTION 1072D   TRANSMISSION OF SHARES ON MENTAL INCAPACITY (REPLACEABLE RULE - SEE SECTION 135)  

1072D(1)   [ Transmission]  

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


(a) the person may:


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

(ii) by giving a completed transfer form to the company, transfer the shares to another person; and


(b) the person is entitled, whether or not registered as the holder of the shares, to the same rights as the shareholder.

1072D(2)   [ Election]  

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

1072D(3)   [ Transfer rules]  

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


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