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 1 - INTRODUCTORY
PART 1.2 - INTERPRETATION
Division 7 - Interpretation of other expressions
SECTION 61
DISCRETIONARY ACCOUNTS
61
A reference to operation by a futures broker on a discretionary account is a reference to dealings by the broker in futures contracts on instructions of another person that authorise the broker to deal in futures contracts without the prior approval of that other person, whether:
(a)
the instructions are given by, and the money used for operating on the account is provided by, one person only; or
(b)
the instructions are given by, and the money used for operating on the account is contributed as a common fund by, each of a number of persons;
not being dealings on instructions that authorise dealings in futures contracts without the prior approval of that other person only as to the time when or the price at which the dealings are to be effected, or both.