THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.13 - TITLE TO, AND TRANSFER OF, SECURITIES

Division 3 - Transfer of marketable securities and marketable rights

Subdivision C - SCH-regulated transfers

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SECTION 1109A   MEMBER ORGANISATION'S AUTHORITY TO ENTER INTO TRANSACTION CONTINUES DESPITE CLIENT'S DEATH  

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1109A    If:

(a)  a person authorises a member organisation to enter into a transaction (for example, a sale) involving the disposal of quoted securities or quoted rights; and

(b)  the person dies before the member organisation enters into the transaction; and

(c)  the authority is still in force immediately before the person dies;

then:

(d)  the authority continues, despite the person's death, as if the person were still alive, but can be revoked by the person's legal representative just as the person could revoke it if the person were still alive; and

(e)  if the member organisation enters into the transaction while the authority so continues - the transaction is binding on the person's legal representative.

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