Stamping of broker’s stamp on sufficient transfer
7.11.40 Stamping of broker’s stamp on sufficient transfer
A broker must not stamp with a broker’s stamp a document (a transfer document) that:
relates to Division 3 securities; and
may be used as a sufficient transfer under this Part;
unless the transfer document relates to a sale or purchase of the Division 3 securities, in the ordinary course of the broker’s business, for a consideration of not less than their unencumbered market value at the time of the sale or purchase.
A person must not stamp a transfer document with a stamp that purports to be that of the transferor’s broker unless:
the stamp is the stamp of the transferor’s broker; and
apart from paragraph 7.11.17(4)(a), the transferor’s broker is authorised to execute the document on the transferor’s behalf; and
the person is:
the transferor’s broker; or
authorised to stamp the document on the transferor’s broker’s behalf.
A market licensee must not stamp with a stamp of the market licensee a document that may be used as a sufficient transfer under this Part of Division 3 securities unless:
a duly completed Part 1, relating to the Division 3 securities, has been lodged with the issuer in relation to the Division 3 securities; or
the market licensee holds a duly completed Part 1 that:
bears a certificate that purports to be that of the transferor’s broker; and
states that a duly completed Part 1, relating to the Division 3 securities, has been lodged or will be lodged with the issuer in relation to the Division 3 securities.
A person must not execute a document that:
may be used as a sufficient transfer under regulation 7.11.12 or 7.11.13; and
relates to a transfer of Division 3 securities:
made by way of a sale, gift or exchange of the Division 3 securities; or
to or in favour of a person who is not the beneficial owner of the Division 3 securities.
A person who is not a licensed trustee company, a Public Trustee of a State or Territory, or a company listed in Schedule 9 must not knowingly cause, authorise or permit to be executed a document that:
relates to Division 3 securities; and
may be used as a sufficient transfer under regulation 7.11.12 or 7.11.13;
but is not a sufficient transfer under that regulation.
A person must not knowingly lodge or cause to be lodged with a company a document that has been:
stamped in contravention of subregulation (1), (2) or (3); or
executed in contravention of subregulation (4);
for the purpose of securing the registration of the transfer of, or the issue of, Division 3 securities to the transferee named in the document.
This Act’s bill:Explanatory statement
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