Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.11.27

Effect of proper ASTC transfer on transferee: Division 4 financial products other than rights

             (1)  If a proper ASTC transfer of a Division 4 financial product (other than rights) takes effect at a particular time:

                     (a)  the transferee is taken to have agreed at that time to accept the Division 4 financial product subject to the terms and conditions on which the transferor held them immediately before that time; and

                     (b)  the terms and conditions are the terms and conditions applicable as between the issuer in relation to, and the holder for the time being of, the Division 4 financial product.

             (2)  If the Division 4 financial product is shares, the transferee is also taken to have agreed at that time:

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

                     (b)  to be bound by the issuer's constitution.

             (3)  If the Division 4 financial product is an interest in a managed investment scheme, the transferee is also taken to have agreed at that time:

                     (a)  to become a member of the managed investment scheme; and

                     (b)  to be bound by the constitution of the managed investment scheme to the extent that:

                              (i)  the transferee will comply with any requirement imposed on the transferee by the constitution; and

                             (ii)  the transferee will not impede compliance by another person with any requirement imposed on the other person by the constitution.

             (4)  In this regulation:

right means a right, whether existing or future, and whether contingent or not, of a person to have any of the following issued to the person, whether or not on payment of any money or for any other consideration:

                     (a)  a share in a company (including a body to which section 1073C of the Act applies);

                     (b)  a debenture of a company (including a body to which section 1073C of the Act applies);

                     (c)  an interest in a registered scheme mentioned in regulations made under paragraph 1073A(1)(c) of the Act.



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