Corporations Regulations 2001

If a proper ASTC transfer of a Division 4 financial product (other than rights) takes effect at a particular time:

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

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.

If the Division 4 financial product is shares, the transferee is also taken to have agreed at that time:

to become a member of the issuer; and

to be bound by the issuer’s constitution.

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:

to become a member of the managed investment scheme; and

to be bound by the constitution of the managed investment scheme to the extent that:

the transferee will comply with any requirement imposed on the transferee by the constitution; and

the transferee will not impede compliance by another person with any requirement imposed on the other person by the constitution.

In this regulation:

a share in a company (including a body to which section 1073C of the Act applies);

a debenture of a company (including a body to which section 1073C of the Act applies);

an interest in a registered scheme mentioned in regulations made under paragraph 1073A(1)(c) of the Act.