THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.6 - FIDELITY FUNDS

SECTION 1235   LEVY IN ADDITION TO ANNUAL CONTRIBUTIONS  

1235(1)  [Levy may be imposed]  

If at any time the amount of a fidelity fund is insufficient to pay all amounts that, at that time, are required to be paid under section 1231, the futures organisation may determine that a levy of a specified amount must be paid by specified contributing members of the organisation.

1235(2)  [Time and manner of payment]  

The amount of the levy must be paid within the time, and in the manner, specified by the futures organisation either generally or in relation to a particular case.

1235(3)  [Maximum levy]  

A person or partnership need not pay by way of levy under this section more than $5,000 in total or more than $1,000 in any period of 12 months.

1235(4)  [Application of levy]  

An amount of levy paid under this section must be paid into the futures organisation's fidelity fund.

1235(5)  [Section 1236]  

This section has effect subject to section 1236.