Commonwealth Consolidated Regulations

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Claim by transferee or sub-transferee

             (1)  If, as a result of the unauthorised execution, a person (the claimant ), being:

                     (a)  in any case:

                              (i)  if subregulation 7.5.53(1) applies--the person stated in the document as the transferee of the transferred securities; or

                             (ii)  if subregulation 7.5.53(3) applies--the person in whose favour the proper ASTC transfer was effected, or purported to be effected; or

                     (b)  if that person has disposed of any of the transferred securities--a successor in title of that person to any of the transferred securities;

suffers loss in respect of any of the transferred securities, the claimant may make a claim in respect of that loss.

             (2)  A person is not entitled to make a claim under this regulation if the person:

                     (a)  had actual knowledge that the transferor did not in fact authorise the unauthorised execution; or

                     (b)  is an excluded person in relation to the dealer.

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