Marketable Securities Act 1970 (NSW)

Marketable Securities Act 1970 No 72

An Act to make provisions with respect to instruments of transfer of certain marketable securities; to repeal the Marketable Securities Act 1967; to amend the Companies Act 1961; and for purposes connected therewith.

1 Name of Act, commencement and construction (1) This Act may be cited as the Marketable Securities Act 1970. (2) This Act shall commence upon a day to be appointed by the Governor and notified by proclamation published in the Gazette. (3) This Act shall be read and construed with, and shall be taken to be part of, the Companies Act 1961.

2 Repeal of Act No 30, 1967, and savings (1) The Marketable Securities Act 1967 is hereby repealed. (2) A prescribed instrument under the Marketable Securities Act 1967 that was duly completed before the commencement of this Act shall have the same effect and may be used and dealt with as if that Act had not been repealed. (3) An agreement, warranty or indemnity deemed by the Marketable Securities Act 1967 to have been made or given by any person shall continue to operate and shall have the same force and effect as if that Act had not been repealed.

3 Interpretation (1) In this Act, except in so far as the context or subject-matter otherwise indicates or requires: authorized trustee corporation means a body corporate that is under the regulations an authorized trustee corporation. 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 holding the security or right in trust in the ordinary course of its business. broker means any person who is a dealer as defined in subsection (1) of section 97A of the Stamp Duties Act 1920. corresponding law means a law in respect of which a declaration under subsection (2) is in force and includes regulations in force under that law. 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 State not being a company, or (b) an unincorporated society, association or other body formed or established in the State any shares in or debentures of which are quoted on or in respect of which permission to list has been granted by a prescribed stock exchange, that is under the regulations a prescribed corporation. prescribed security means an interest to which Division 5 of Part 4 of the Companies Act 1961 applies and 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 in the State that is under the regulations a prescribed stock exchange. regulations means regulations under this Act. 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 Minister may by notice in writing published in the Gazette declare a law in force in another State or in a Territory of the Commonwealth the provisions of which correspond substantially with the provisions of this Act to be a corresponding law and may by notice so published revoke a declaration made under this subsection.