Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1109A

Member organisation's authority to enter into transaction continues despite client's death

If:

(a)
a person authorises a member organisation to enter into a transaction (for example, a sale) involving the disposal of quoted securities or quoted rights; and

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

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

then:

(d)
the authority continues, despite the person's death, as if the person were still alive, but can be revoked by the person's legal representative just as the person could revoke it if the person were still alive; and

(e)
if the member organisation enters into the transaction while the authority so continues—the transaction is binding on the person's legal representative.



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