27Transfer and transmission of debentures

27 Transfer and transmission of debentures

27 Transfer and transmission of debentures

(1) On the written request of the transferor (the giver) of a debenture, the co-operative must enter in the appropriate register the name of the transferee (the receiver) in the same way and on the same conditions as if the application for entry were made by the transferee.

(2) If the co-operative refuses to register a transfer of debentures, it must, within 28 days after the date on which the transfer was lodged with it, send to the transferee notice of the refusal.

(3) An instrument of transfer of a debenture must be executed by or on behalf of the transferor and the transferee. The transferor is taken to remain the holder of the debenture until the debenture in the name of the transferee is entered in the register of debentures.

(4) The board may decline to recognise an instrument of debenture and may decline to register a debenture unless:

(a) a fee of $..... (or a lesser amount decided by the board) is paid to the co-operative for the transfer of registration; and

(b) the instrument of transfer is accompanied by the relevant debenture(s) and any other evidence the board reasonably requires (in particular, evidence showing the right of the transferor to make the transfer); and

(c) any government stamp duty payable is paid.

(5) Debentures must be transferred in the following form or in a form approved by the board:

I, A.B. (the transferor) of .................... in the State/Territory of .................... in consideration of the sum of $.....paid to me by C.D (the transferee), of .................... in the State of .................... transfer to the transferee the debenture(s) numbered ............................................. to be held by the transferee, the transferee’s executors, administrators and assigns, subject to any conditions on which I hold the debenture(s) and any other conditions being terms of the transfer of the debenture(s).

And I, the transferee, agree to take the debenture(s) subject to the conditions mentioned.

Dated this .................... day of ............... 20......

Signed by ................................... transferor.

In the presence of ................................... witness.

Signed by ................................... transferee.

In the presence of ................................... witness.