Commonwealth Consolidated Acts

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Operation of this Division and regulations made for its purposes

             (1)  This section deals with the effect of the provisions of:

                     (a)  this Division; and

                     (b)  the regulations made for the purposes of this Division.

             (2)  The provisions apply in relation to a transfer of securities despite anything to the contrary in:

                     (a)  this Act (other than this Division); or

                     (b)  another law, or instrument, relating to the transfer of the securities.

             (3)  Except as provided in the provisions, the provisions do not affect the terms and conditions on which securities are sold.

             (4)  Nothing in the provisions affects any right of the issuer of a security to refuse:

                     (a)  to acknowledge or register a person as the holder of a security; or

                     (b)  to issue a security to a person;

on a ground other than an objection to the form of document, or electronic message or other electronic communication, that is lodged with or sent to the issuer and purports to transfer the security to the person.

             (5)  The registration of a transfer, or the issue, of a security by means of a transfer effected in accordance with regulations made for the purposes of this Division does not breach any law, constitution, trust deed or other instrument relating to financial products.

             (6)  Nothing in the provisions prevents or affects the use of:

                     (a)  any other form of transfer of securities; or

                     (b)  any other mode of executing a document transferring securities;

that is otherwise permitted by law.

             (7)  A transfer of a security by or to a trustee or legal representative may be effected by means of a transfer in accordance with regulations made for the purposes of this Division. The transfer may be so effected despite the means required by any law or the provisions of the instrument (if any) creating, or having effect in relation to, the trust or will under which the trustee or legal representative is appointed.

             (8)  In subsection (7):

"legal representative" means:

                     (a)  the executor, original or by representation, of a will of a dead person; or

                     (b)  the administrator of the estate of a dead person.

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