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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

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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