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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 958

Claim by transferee or sub-transferee

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

in any case:

if subsection 956(1) applies—the person stated in the document as the transferee of the transferred securities; or
if subsection 956(2) applies—the person in whose favour the proper SCH transfer was effected, or purported to be effected; or
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 section if the person:

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

is an excluded person in relation to the dealer.

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