Treaty of Peace Regulations
59Rights of Custodian where articles of association not observed
Start here
Get a plain-English read of 59
Turn the raw legal text into a practical explanation grounded in Treaty of Peace Regulations.
59 Rights of Custodian where articles of association not observed
Where the purchaser is a company approved by the Custodian in which all the shares issued by the company are held by Australian soldiers and of which the articles of association contain a provision prohibiting the sale or transfer of shares in the company to persons who are not Australian soldiers and prohibiting the transfer of shares to Australian soldiers without the consent of the Custodian, if, before the whole of the purchase money and interest thereon is paid:
(a) any share is held by a person who is not an Australian soldier; or
(b) the articles of association of the company are altered so as no longer to contain the provision set forth in this regulation,
the Custodian or his duly authorized agent may enter upon and take possession of the property; and thereupon may cancel the contract of sale, and, in his discretion, forfeit any moneys previously paid by the purchaser under the contract of sale.