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CORPORATIONS REGULATIONS 2001 - REG 7.5.55 Claim by transferee or sub - transferee

CORPORATIONS REGULATIONS 2001 - REG 7.5.55

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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