88Proper authority from securities licensee; invalid securities authority

#### 88 Proper authority from securities licensee; invalid securities authority (1) A reference, in relation to a person (in this subsection called the representative), to a proper authority from a securities licensee (in this subsection called the principal) is a reference to a copy of the licence on which are endorsed: (a) a statement: (i) certifying the copy to be a true copy of the licence; (ii) stating that the representative is employed by, or acts for or by arrangement with, the principal; and (iii) signed by the principal; and (b) in relation to each licensee (if any), other than the principal, of whom the representative is a securities representative, a statement that: (i) sets out the name of the licensee; (ii) states that the representative is employed by, or acts for or by arrangement with, the licensee; (iii) states that the licensee consents to the representative being employed by, or acting for or by arrangement with, the principal; and (iv) is signed by the licensee. (1A) A reference, in relation to a person (in this subsection called the representative), to a proper authority from a securities licensee (in this subsection called the principal) includes a reference to a document that, immediately before the commencement of Division 3 of Part 7.3, was a proper authority from that principal in relation to that representative under a previous law that corresponds to subsection (1). (2) A reference, in relation to a person (in this subsection called the representative), to an invalid securities authority from a person (in this subsection called the principal) is a reference to a document: (a) on which is endorsed a statement: (i) stating that the representative is employed by, or acts for or by arrangement with, the principal; and (ii) signed by the principal; and (b) that purports to be a copy of a securities licence and to be a proper authority of the representative from the principal, but is not in fact such a proper authority; whether or not: (c) the principal is, or has ever been, a securities licensee; or (d) the document is in fact a copy of a securities licence that exists or has ever existed. (3) For the purposes of this section, a statement is signed by a person if, and only if, it is signed: (a) if the person is a natural person—by the person; or (b) if the person is a body corporate: (i) by a director or secretary; or (ii) by an executive officer who is authorised to sign the statement.