Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.11.25

Participant's authority to enter into transaction continues despite client's death

             (1)  This regulation applies if:

                     (a)  a person authorises a participant to enter into a transaction involving the disposal of a Division 4 financial product (for example, a sale); and

                     (b)  the person dies before the participant enters into the transaction; and

                     (c)  the authority is still in force immediately before the person dies.

             (2)  The authority continues, despite the person's death, as if the person were still alive.

             (3)  If the participant enters into the transaction while the authority so continues, the transaction is binding on the person's legal representative.

             (4)  The authority can be revoked by the person's legal representative in any way that the person could have revoked it while the person was alive.



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