Marketable Securities Act Amendment Act 1971 (Qld)

291 (1 ueeltslitxt^ ANNO VICESIMO ELIZABETHAE SECUNDAE REGINAE No. 12 of 1971 An Act to Make Provision with respect to certain Instruments of Transfer of Marketable Securities , to Amend the Marketable SecuritiesAct 1970 and for other purposes [ASSENTED TO 16TH APRIL, 1971 ] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same , as follows:- 1. Short title and citation . (1) This Act may be cited as the Marketable Securities Act Amendment Act 1971. (2) In this Act the Marketable Securities Act1970 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Marketable Securities Act1970-1971. 2. Commencement . This Act shall come into operation on a date to be fixed by the Governor in Council by Proclamation published in the Government Gazette.

292 Marketable Securities Act Amendment Act 1971, No. 12 3. Amendment of s. 3. Interpretation . Section 3 of the Principal Act is amended by adding at the end thereof the following subsection:- " (4) A reference in a form in the Schedule to this Act to the full name of the transferor of marketable securities or rights to marketable securities includes a reference to the name of the person shown in the records of the company or prescribed corporation that issued those securities or rights as the holder of those securities or rights.". 4. Amendment of s. 5 . Transfers of marketable securities . Section 5 of the Principal Act is amended- (a) by omitting paragraph (a) of subsection (1) and inserting in its stead the following paragraph:- (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 I of Form One and Parts I and 2 of Form Three;"; (b) by omitting from paragraph (b) c'f subsection (1) the words " Form Three " and inserting in their stead the words " Form Four "; (c) by omitting paragraph (a) of subsection ( 2) and inserting in its stead the following paragraph:- (a) it is an instrument relating to those rights duly completed in accordance with or to the effect of- (i) Form Five; (ii) Part I of Form Five and Parts 1 and 2 of Form Six; or (iii) Pal 1 of Form Five and Parts I and 2 of Form Seven;"; (d) by omitting from paragraph (b) of subsection (2) the words " Form Three " and inserting in their stead the words " Form Four "; (e) by in subsection (3)- (i) omitting the words " Four or Five " and inserting in their stead the words " Three, Five, Six or Seven "; (ii) omitting the word " and " occurring at the end of paragraph (b); (iii) by inserting after paragraph (c) the following expression and paragraph:- 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.". 5. Amendment of s. 6 . Transfers by authorized trustee corporation. Section 6 of the Principal Act is amended- (a) by omitting from paragraph (a) of subsection (1) the words Form Six " and inserting in their stead the words " Form Eight "; (b) by omitting from paragraph (b) of subsection (1) the words Form Seven " and inserting in their stead the words " Form Nine ";

Marketable Securities Act Amendment Act 1971, No. 12 293 (c) by omitting from paragraph (a) of subsection (2) the words Form Eight " and inserting in their stead the words " Form Ten "; and (d) by omitting from paragraph (b) of subsection (2) the words " Form Nine " and inserting in their stead the words " Form Eleven ". 6. Amendment of s. 8 . Effect of certain stamp on prescribed instrument. Section 8 of the Principal Act is amended- (a) by omitting the expression beginning " 8. Effect of " and ending at the end of paragraph (a) of subsection (1) and inserting in its stead the following expression- " 8. Effect of certain stamp on prescribed instrument . (1) Where a duly completed instrument of transfer bears a stamp that purports to be that of the transferor's broker, a prescribed stock exchange or a prescribed stock exchange under a corresponding law and to have been affixed in the State, the broker (not being a broker's agent) or stock exchange whose stamp that stamp purports to be and, if the stamp purports to be that of the transferor's broker (whether or not he is a broker's agent), an associate of that broker- (a) shall be deemed to have warranted the accuracy of the statements in his or its certificate set out in the instrument;"; and (b) by omitting subsections (2) and (3) and inserting in their stead the following subsections:- " (2) Without limiting the operation of subsection (1) of this section, where a duly completed instrument of transfer, which bears a stamp that purports to be that of the transferor's broker and to have been affixed in the State, relates to marketable securities or rights to marketable securities to which or to any of which a duly completed instrument of transfer, which bears a stamp that purports to be that of a prescribed stock exchange or a prescribed stock exchange under a corresponding law relates, the broker (not being a broker's agent) whose stamp that first-mentioned stamp purports to be and (whether or not that broker is a broker's agent) an associate of that broker shall be liable to indemnify that stock exchange against any loss or damage arising from a forged or unauthorized signature of the transferor appearing in the instrument. (3) A reference in subsection (1) or (2) of this section- (a) to a duly completed instrument of transfer is a. reference to an instrument- (i) that is in accordance with or to the effect of Part 1 of Form One, Two, Three, Five, Six or Seven and that has been duly completed within the meaning of section 5 of this Act; or (ii) that is in accordance with or to the effect of a like part of a like form under a corresponding law and that has been duly completed within the meaning of a provision of that corresponding law that corresponds to section 5 of this Act; and

294 Marketable Securities Act Amendment Act 1971, No. 12 (b) to an associate of a broker is a reference- (i) where the broker, whose stamp the stamp on the instrument purports to be, is a member of a firm of brokers and is not a broker's agent-to each other member of that firm; and (ii) where the broker, whose stamp the stamp on the instrument purports to be, is a broker's agent, to the broker for whom he is a broker's agent and, if the broker for whom he is a broker's agent is a member of a firm of brokers, to each other member of that firm. (4) In this section- " broker's agent " means a broker's agent within the meaning of section 31B of the Stamp Act1894-1970; " marketable security " in relation to a duly completed instrument of transfer under a corresponding law, means a marketable security within the meaning of the corresponding law; " right to a marketable security " in relation to a duly completed instrument of transfer under a corresponding law, means a right to a marketable security within the meaning of the corresponding law.". 7. Amendment of s. 9 . Registration by company of sufficient instrument of transfer . Section 9 of the Principal Act is amended by omitting from subsection (1) all the words from and including the words " entitled to assume " to and including the words "that broker" (secondly occurring) and inserting in their stead the following expression- entitled to assume without inquiry- (a) that a stamp upon the instrument which purports to be the stamp of the transferee's broker is the stamp of that broker; (b) that a stamp upon the instrument which purports to be the stamp of the transferor's broker is the stamp of that broker; and (c) that a stamp upon the instrument which purports to be the stamp of a prescribed stock exchange or a prescribed stock exchange under a corresponding law is the stamp of that stock exchange.". 8. Amendment of s. 13. Offences. Section 13 of the Principal Act is amended- (a) by omitting the expression " (2) An authorized trustee corporation " and inserting in its stead the expression " (3) An authorized trustee corporation "; (b) by inserting after subsection (1) the following subsection:- " (2) A prescribed stock exchange or a prescribed stock exchange under a corresponding law shall not in the State affix a stock exchange stamp to an instrument that may be used as a sufficient instrument of transfer under this Act or under a corresponding law unless- (a) there has been lodged; or

Marketable Securities Act Amendment Act 1971, No. 12 295 (b) the stock exchange holds a duly completed instrument of transfer bearing a certificate which purports to be that of the transferor's broker that there has been or will be lodged, with the company or prescribed corporation that has issued or proposes to issue the marketable securities or rights to marketable securities to which that first-mentioned instrument relates a duly completed instrument of transfer, being Part I of Form One or Five, relating to those marketable securities or rights. Penalty: $1,000."; (c) by omitting the expression "(3) A person other than" and inserting in its stead the expression " (4) A person other than "; (d) by omitting the expression " (4) A person shall " and inserting in its stead the expression " (5) A person shall "; (e) by omitting the expression " in contravention of subsection (1) of this section or which has been executed in contravention of subsection (2) of this section " and inserting in its stead the expression " in contravention of subsection (1) or (2) of this section or which has been executed in contravention of subsection (3) of this section "; and (f) by omitting the expression beginning " (5) In this section " and ending at the end of the section and inserting in its stead the following subsections:- ( 66) ) In this section- " beneficial owner " in relation to a sufficient instrument of transfer under a corresponding law, means a beneficial owner within the meaning of-the- corresponding law; " marketable security " in relation to a duly completed instrument of transfer under a corresponding law, means a marketable security within the meaning of the corresponding law; " right to a marketable security " in relation to a duly completed instrument of transfer under a corresponding law, means a right to a marketable security within the meaning of the corresponding law. (7) A reference in this section to a duly completed instrument of transfer is a reference to an instrument- (a) that is in accordance with or to the effect of Part 1 of Form One, Two, Five or Six and that has been duly completed within the meaning of section 5 of this Act; or (b) that is in accordance with or to the effect of a like part of a like form under a corresponding law and that has been duly completed within the meaning of a provision of that corresponding law that corresponds to section 5 of this Act.". 9. Amendment of Schedule . The Schedule to the Principal Act is amended- (a) by inserting in Form One, after the expression " named in Part 2 of Broker's Transfer Form(s) ", the expression " or in Split Transfer Form(s) ";

296 Marketable Securities Act Amendment Act 1971, No. 12 (b) by inserting after Form 2 the following form:- "FORM THREE [s. 5 SPLIT TRANSFER FORM MARKING STAMP Full Name of Company or t rescribed Corporation PART 1- Description of Securities .. Class. If not fully paid, paid to Register Quantity .. .. Transfer Indentification Number .. Full Name ( s) of Trans - feror( s) Words Figures Thet Stock Exchange hereby c : rtifies:- That the Security Transfer Form or the Broker's Transfer Form relating to the securities set out above has been or will be lodged at the company's or corporation ' s office. (Stock Exchange Stamp) Affixed at...._ ._._..._...__._..__._._.__ on...._..__.._..__..._....__._._._.._.. (place and date of affixing stamp) PART 2- Full Name ( s) and Transferee ' s Broker hereby Address ( es) of Trans- certifies:- feree ( s) .. .. .. . .................................. _..._._.__.. ...._............................. __._...:_........... (i) That the securities set out in Part I above having been purchased in the ordinary course of business are to be ............................... __...__.._..._.... registered in the r ame ( s) of the trans- .......... _.... .... _......... __._..._.._...._.... feree ( s) named in this Part. ................. ...... ..... ..... ....... ................ _.. (ii) That Stamp Duty (if payable) has been or ...................... _..._..._.._._. _.............. will be paid- and hereby requests that such . -........ .:.._...._... entri es be made in the register as are necessary to give effect ......_...._...._...._...._.... to th is transfer. (Transferee ' s Broker ' s Stamp) Date of affixing stamp t Insert name of prescribed stock exchange."; (c) by omitting the heading:- " FORM THREE TRANSFEREE'S ACCEPTANCE " and inserting in its stead the heading- FORM FOUR TRANSFEREE'S ACCEPTANCE ";

Marketable Securities Act Amendment Act 1971, No. 12 297 (d) by omitting from the form to which paragraph (c) relates the expression " or broker's transfer form (or security renunciation and transfer form or broker's renunciation and transfer form) " and inserting in its stead the expression ", broker's transfer form or split transfer form (or security renunciation and transfer form, broker's renunciation and transfer form or renunciation and split transfer form)"; (e) by omitting the heading- "FORM FOUR SECURITY RENUNCIATION AND TRANSFER FORM " and inserting in its stead the heading- " FORM FIVE SECURITY RENUNCIATION AND TRANSFER FORM "; (f) by omitting from the form to which paragraph (e) relates the expression " Broker's Renunciation and Transfer Forms " and inserting in its stead the expression " Broker's Renunciation and Transfer Form(s) or Renunciation and Split Transfer Form(s) "; (g) by omitting the heading- FORM FIVE BROKER'S RENUNCIATION AND TRANSFER FORM " and inserting in its stead the heading- " FORM SIX BROKER'S RENUNCIATION AND TRANSFER FORM "; (h) by inserting, after the form to which paragraph (g) relates, the following form:- " FORM SEVEN RENUNCIATION AND SPLIT TRANSFER FORM MARKING STAMP Full Name of Company or Prescribed Corporation PART I- Description of Rights .. Register Quantity .. .. Words Figures Transfer Identification Thet Stock Exchange Number .. .. hereby certifies: That the Security Renuncia- Full Name ( s) of Trans - feror ( s) .. . -- ................. .... ..-............. tion and Transfer Form or the Broker ' s Renuncia- tion and Transfer Form ....... ...................... ....... ....................... relating to the rights set out above has been or ........... _..._.... ......... .............._............... will be lodged at the company's or corpora- ........... . .................................................... tion's office. (Stock Exchange Stamp) Affixed at ........... _.._ ............................_........... on ..... _ ....................................................................... (place and date of affixing stamp)

298 Marketable Securities Act Amendment Act 1971, No. 12 PART 2- Full Name(s) and Address(es) of Trans- feree(s) Transferee's Broker hereby certifies `- (i) That the rights set out in Part 1 above having been purchased in the ordinary course of business the marketable securities to which the rights relate are to be allotted to the transferee(s) named in this Part. (ii) That Stamp Duty (if payable ) has been or will be paid- and hereby requests that the marketable securities be allotted by the company or corporation to the trans- feree(s) and such entries be made in the register as are necessary to give effect to this renunciation and transfer. (Transferee ' s Broker ' s Stamp) Date of affixing stamp t Insert name of prescribed stock exchange."; (i) by omitting the heading- "FORM SIX TRUSTEE TRANSFER FORM " and inserting in its stead the heading- "FORM EIGHT TRUSTEE TRANSFER FORM "; (j) by omitting the heading- " FORM SEVEN TRANSFEREE 'S ACCEPTANCE " and inserting in its stead the heading- " FORM NINE TRANSFEREE'S ACCEPTANCE "; (k) by omitting the heading- " FORM EIGHT TRUSTEE RENUNCIATION AND TRANSFER FORM " and inserting in its stead the heading- " FORM TEN TRUSTEE RENUNCIATION AND TRANSFER FORM "; and

Marketable Securities Act Amendment Act 1971 , No. 12 (1) by omitting the heading- " FORM NINE TRANSFEREE 'S ACCEPTANCE " and inserting in its stead the heading- " FORM ELEVEN TRANSFEREE 'S ACCEPTANCE ". 299