Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1070A

Nature of shares and certain other interests in a company or registered scheme

             (1)  A share, other interest of a member in a company or interest of a person in a registered scheme:

                     (a)  is personal property; and

                     (b)  is transferable or transmissible as provided by:

                              (i)  the company's, or scheme's, constitution; or

                             (ii)  the operating rules of a prescribed CS facility if they are applicable; and

                     (c)  is capable of devolution by will or by operation of law.

             (2)  Paragraph (1)(c) has effect subject to:

                     (a)  in the case of a company:

                              (i)  the company's constitution (if any); and

                             (ii)  any replaceable rules that apply to the company; and

                            (iii)  the operating rules of a prescribed CS facility if they apply to the share or interest; and

                     (b)  in the case of a scheme:

                              (i)  the scheme's constitution; and

                             (ii)  the operating rules of a prescribed CS facility if they apply to the interest.

             (3)  Subject to subsection (1):

                     (a)  the laws applicable to ownership of, and dealing with, personal property apply to a share, other interest of a member in a company or interest of a person in a registered scheme as they apply to other property; and

                     (b)  equitable interests in respect of a share, interest of a member in a company or other interest of a person in a registered scheme may be created, dealt with and enforced as in the case of other personal property.

             (4)  For the purposes of any law, a share, other interest of a member in a company or interest of a person in a registered scheme is taken to be situated:

                     (a)  if the share, interest in a company, or interest in a registered scheme is entered on the register kept under section 169--in the State or Territory where that register is kept; or

                     (b)  if the share or interest in the company is entered on an overseas branch register kept under section 178--in the foreign country where that register is kept.



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