Commonwealth Consolidated Regulations

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Warranties by market licensee if transfer document purports to bear its stamp

             (1)  This regulation applies if a transfer document:

                     (a)  has been duly completed in accordance with Part 1 of Form 3 or Form 7; and

                     (b)  bears a stamp that purports to be a stamp of a market licensee.

             (2)  The market licensee is taken to have warranted that:

                     (a)  the statements in the transfer document that purport to be certified by a market licensee are accurate; and

                     (b)  the transferor is:

                              (i)  the registered holder of, or entitled to be registered as the holder of, the Division 3 assets; or

                             (ii)  entitled to the Division 3 rights;

                            and is legally entitled or authorised to sell or dispose of the Division 3 assets or Division 3 rights.

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