Victorian Consolidated Legislation

Marketable Securities Act 1970 - SECT 10

Operation of Act

10. Operation of Act



(1) This Act applies and has effect in relation to the transfer of marketable
securities and to the transfer of rights to marketable securities
notwithstanding anything to the contrary in any other enactment or in any
instrument relating to the transfer of the securities or the transfer of the
rights.

(2) Except as provided in this Act, this Act does not affect the terms and
conditions on which marketable securities or rights to marketable securities
are sold.

(3) Nothing in this Act affects any right of a company or prescribed
corporation to refuse to acknowledge or register a person as the holder of
marketable securities or to allot marketable securities to a person on any
ground other than an objection to the form of an instrument lodged with the
company or prescribed corporation relating to the transfer of the marketable
securities or of rights to the marketable securities.

(4) The registration of a transfer of a marketable security or the allotment
of a marketable security pursuant to a sufficient instrument of transfer under
this Act does not constitute a breach of any provision of any memorandum or
articles or of a trust deed or other instrument or an enactment that relates
to marketable securities.

(5) This Act does not prevent or affect the use of any other form of transfer
of marketable securities or form of transfer of rights to marketable
securities, as the case may be, or mode of execution of an instrument of
transfer of marketable securities or mode of execution of an instrument of
transfer of rights to marketable securities that is otherwise permitted by
law.

(6) A transfer of marketable securities or of rights to marketable securities
by or to a trustee or legal representative may, notwithstanding any law or the
provisions of the instrument, if any, creating or having effect in relation to
the trust or will under which he is appointed trustee or legal representative
be effected by means of a sufficient instrument of transfer under this Act.