Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 189

Division 8-Transfer of Marketable Securities

189. (1) In this Division, unless the contrary intention appears-

''beneficial owner'', in relation to a marketable security or a right to a
marketable security, means a person for whom an authorized trustee corporation
is (whether alone or together with another person or other persons) holding
the security or right in trust in the ordinary course of its business;

''broker'' means a member of a prescribed stock exchange;

''broker's agent'' means an agent or employee of a broker;

''corresponding law'' means-

   (a)  the provisions of a law of a participating State or of a participating
        Territory that correspond with this Division; or

   (b)  any law of a State or Territory in respect of which a declaration
        under sub-section (2) is in force,

and includes regulations in force under a law referred to in paragraph (a) or
(b);

''legal representative'' means the executor, original or by representation, of
a will, or administrator of the estate, of a deceased person;

''marketable security'' means-

   (a)  a share in or a debenture of a company or prescribed corporation; or

   (b)  a prescribed security;

''prescribed corporation'' means-

   (a)  a body corporate incorporated in the Territory, not being a company;
        or

   (b)  an unincorporated society, association or other body, formed or
        established in the Territory, that has been admitted to the official
        list of a prescribed stock exchange and has not been removed from that
        official list,

that is under the regulations a prescribed corporation;

''prescribed security'' means a prescribed interest that is under the
regulations a prescribed security or that is one of a class of such interests
that are under the regulations prescribed securities;

''prescribed stock exchange'' means a stock exchange that is a member of the
Australian Associated Stock Exchanges;

''right to a marketable security'' means a right, whether existing or future,
and whether contingent or not, of a person to have issued to him a
marketable security, whether or not on payment of any money or for any other
consideration;

''transfer'', in relation to a right to a marketable security, means the
renunciation and transfer of that right.

(2) The Commission may, by notice published in the Gazette, declare a law in
force in a State or Territory that is not a participating State or a
participating Territory, being a law the provisions of which correspond
substantially with the provisions of this Division, to be a corresponding law
and may, by notice so published, revoke a declaration made under this
sub-section.

(3) A reference in this Division to a form by number is a reference to the
form so numbered in Schedule 4 or to a form to the like effect.

(4) A reference in a form in Schedule 4 to the full name of the transferor of
marketable securities or rights to marketable securities includes a reference
to the name of the person shown in the records of the company or
prescribed corporation that issued those securities or rights as the holder of
those securities or rights.

(5) A reference in this division other than section 198 to the stamping of an
instrument is a reference to stamping in ink, and a reference to a stamp on an
instrument, or a stamp borne by an instrument, is a reference to a stamp
stamped on the document in ink.

(6) A reference in section 198 to the stamping of an instrument is a reference
to stamping the instrument-

   (a)  in ink;

   (b)  by affixing a stamp;

   (c)  by impressing a stamp; or

   (d)  in any other manner.