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 1072E   TRUSTEE ETC. MAY BE REGISTERED AS OWNER OF SHARES  

1072E(1)   [ ``share'']  

In this section:

share
, in relation to a body corporate, means a share in the body that is registered in a register kept in this jurisdiction.

1072E(2)   [ Trustee, etc, may be registered]  

A trustee, executor or administrator of the estate of a dead person who was the registered holder of a share in a corporation may be registered as the holder of that share as trustee, executor or administrator of that estate.

1072E(3)   [ Deceased person who was entitled in equity]  

A trustee, executor or administrator of the estate of a dead person who was entitled in equity to a share in a corporation may, with the consent of:


(a) the corporation; and


(b) the registered holder of that share;

be registered as the holder of that share as trustee, executor or administrator of that estate.

1072E(4)   [ Infirm person registered holder]  

If:


(a) a person (the administrator ) is appointed, under a law of a State or Territory relating to the administration of the estates of persons who, through mental or physical infirmity, are incapable of managing their affairs, to administer the estate of a person who is so incapable; and


(b) the incapable person is the registered holder of a share in a corporation;

the administrator may be registered as the holder of that share as administrator of that estate.

1072E(5)   [ Infirm person entitled in equity]  

If:


(a) a person (the administrator ) is appointed, under a law of a State or Territory relating to the administration of the estates of a person who, through mental or physical infirmity, are incapable of managing their affairs, to administer the estate of a person who is so incapable; and


(b) the incapable person is entitled in equity to a share in a corporation;

the administrator may, with the consent of the corporation and of the registered holder of that share, be registered as the holder of the share as administrator of that estate.

1072E(6)   [ Bankrupt registered holder]  

If:


(a) by virtue of the Bankruptcy Act 1966 , a share in a body corporate, being the property of a bankrupt, vests in the Official Trustee in Bankruptcy; and


(b) the bankrupt is the registered holder of that share;

the Official Trustee may be registered as the holder of that share as the Official Trustee in Bankruptcy.

1072E(7)   [ Bankrupt entitled in equity]  

If:


(a) by virtue of the Bankruptcy Act 1966 , a share in a body corporate, being the property of a bankrupt, vests in the Official Trustee in Bankruptcy; and


(b) the bankrupt is entitled in equity to that share;

the Official Trustee may, with the consent of the body and of the registered holder of that share, be registered as the holder of that share as the Official Trustee in Bankruptcy.

1072E(8)   [ Liabilities on registration]  

A person registered under subsection (2), (3), (4), (5), (6) or (7), is, while registered as mentioned in that subsection:


(a) subject to the same liabilities in respect of the share as those to which he, she or it would have been subject if the share had remained, or had been, as the case requires, registered in the name of the dead person, the incapable person or the bankrupt, as the case may be; and


(b) subject to no other liabilities in respect of the share.

1072E(9)   [ Identification of trustee-held shares]  

Shares in a corporation registered in a register and held by a trustee in respect of a particular trust may, with the consent of the corporation, be marked in the register in such a way as to identify them as being held in respect of the trust.

1072E(10)   [ No other notice of trust, etc]  

Except as provided in this section and section 169 :


(a) no notice of a trust, whether express, implied or constructive, must be entered on a register kept in this jurisdiction or be receivable by ASIC; and


(b) no liabilities are affected by anything done under a preceding subsection of this section or under section 169 ; and


(c) nothing so done affects the body corporate concerned with notice of a trust.

1072E(11)   [ Service of notice on company]  

A person must, within one month after beginning to hold shares in a proprietary company as trustee for, or otherwise on behalf of or on account of, a body corporate, serve on the company notice in writing that the person so holds the shares.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).


 

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