Commonwealth Consolidated Regulations

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Transferee's execution of transfer of Division 3 rights

             (1)  If Division 3 rights relating to Division 3 assets are transferred by means of a sufficient transfer, the transferee is taken:

                     (a)  to have applied at the execution time to the issuer in relation to the Division 3 assets for the issue to the transferee of the Division 3 assets; and

                     (b)  to have agreed at the execution time to accept the Division 3 assets subject to the terms and conditions on which the issuer offers them for subscription.

             (2)  If the Division 3 assets are shares, the transferee is also taken to have agreed, at the execution time:

                     (a)  to become a member of the issuer; and

                     (b)  to be bound, on being registered as the holder of the shares, by the issuer's constitution.

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