68Transmission of units by operation of law etc.

68 Transmission of units by operation of law etc.

(1) If a unit held in the registry account of a person (the transferor) is transmitted from the transferor to another person (the transferee) by any lawful means other than by a transfer under section 45, the transmission is of no force until the Secretary transfers the unit under subsection (7) or (8). Declaration of transmission (2) The transferee must, within 90 days after the transmission, give the Secretary: (a) a declaration of transmission; and (b) such evidence of transmission (if any) as is specified in the rules. (3) A declaration of transmission must meet the requirements (if any) prescribed by the rules. (4) If the transferee does not already have a registry account, the declaration of transmission must be accompanied by an application under section 53 for the Secretary to open a registry account in the name of the transferee. (5) If the Secretary is satisfied that special circumstances warrant the extension of the 90‑day period mentioned in subsection (2), the Secretary may extend that period. (6) The Secretary may exercise the power conferred by subsection (5): (a) on written application being made to the Secretary by the transferee; or (b) on the Secretary’s own initiative. Transfer of unit—transferee already has a registry account (7) If the transferee already has a registry account, the Secretary must, as soon as practicable after receiving the declaration of transmission, transfer the unit from the transferor’s registry account to the transferee’s registry account. Transfer of unit—transferee does not have a registry account (8) If: (a) the transferee does not already have a registry account; and (b) in accordance with the application mentioned in subsection (4), the Secretary has opened a registry account in the name of the transferee; the Secretary must, as soon as practicable after opening that registry account, transfer the unit from the transferor’s registry account to the transferee’s registry account. Record (9) If the Secretary transfers the unit under subsection (7) or (8), the Registry must set out a record of the declaration of transmission. Notification (10) If: (a) the Secretary decides to: (i) extend the 90‑day period mentioned in subsection (2); or (ii) refuse to extend the 90‑day period mentioned in subsection (2); and (b) the Secretary makes the decision in response to an application; the Secretary must give written notice of the decision to the applicant.