Victorian Consolidated Legislation

Marketable Securities Act 1970 - SECT 5

Transfers of marketable securities

5. Transfers of marketable securities



(1) A document is a sufficient instrument of transfer of marketable securities
if-

   (a)  it is an instrument relating to those marketable securities duly
        completed in accordance with or to the effect of-

   (i)  Form One;

   (ii) Part 1 of Form One and Parts 1 and 2 of Form Two; or

   (iii) Part 1 of Form One and Parts 1 and 2 of Form Three; and

   (b)  where the document relates to marketable securities on which there is
        an uncalled liability (not being marketable securities that are partly
        paid shares in a no-liability company), the transferee's acceptance of
        the marketable securities duly completed in accordance with or to the
        effect of Form Four is included in or attached to the instrument
        referred to in paragraph (a).

(2) A document is a sufficient instrument of transfer of rights to marketable
securities if-

   (a)  it is an instrument relating to those rights duly completed in
        accordance with or to the effect of-

   (i)  Form Five;

   (ii) Part 1 of Form Five and Parts 1 and 2 of Form Six; or

   (iii) Part 1 of Form Five and Parts 1 and 2 of Form Seven; and





   (b)  where the document relates to rights to marketable securities (not
        being marketable securities that are shares in a no-liability company)
        for which the whole of the moneys to be subscribed is not payable in
        full on application being made for them, the transferee's acceptance
        of the securities duly completed in accordance with or to the effect
        of Form Four is included in or attached to the instrument referred to
        in paragraph (a).

(3) For the purposes of this section an instrument is not duly completed in
accordance with or to the effect of Form One, Two, Three, Five, Six or Seven
or a part of one of those forms unless-

   (a)  where the form or part refers to the name and address of the
        transferee, the instrument purports to state that name and address;

   (b)  where the form or part refers to the stamp of the transferor's broker,
        the instrument bears a stamp which purports to be such a stamp;

   (c)  where the form or part refers to the stamp of the transferee's broker,
        the instrument bears a stamp which purports to be such a stamp; and

   (d)  where the form or part refers to a stock exchange stamp the instrument
        bears a stamp which purports to be a stamp of a prescribed stock
        exchange or of a prescribed stock exchange under a corresponding law.