CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 7 - SECURITIES
PART 7.8 - DEPOSITS WITH STOCK EXCHANGES
SECTION 891
DEPOSITS TO BE INVESTED BY STOCK EXCHANGE
891(1)
[Stock exchange to invest deposit]
Where a stock exchange receives a deposit from a person or partnership under section
889, the stock exchange holds the deposit in trust for the person or partnership and shall invest the deposit:
(a)
on interest-bearing term deposit with an Australian ADI; or
(b)
on deposit with an eligible money market dealer.
History
S 891(1)(a) amended by No 48 of 1998, Sch 3, Pt 1 (effective 1 July 1998).
S 891(1) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
891(2)
[Interest paid into Fund]
A participating exchange shall pay into the Fund money received by way of interest in respect of amounts invested by it under subsection
(1).
891(3)
[Interest paid into fidelity fund]
A stock exchange (other than a participating exchange) shall pay money received by way of interest in respect of amounts invested by it under subsection
(1) into its fidelity fund.
891(4)
[Return of deposit]
A stock exchange shall, on demand being made by a person or partnership who has lodged a deposit with the stock exchange, pay to the person or partnership an amount on deposit with the stock exchange under section
889.
History
S 891(4) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
891(5)
[Effect of sec 889]
Nothing in subsection
(4) affects section
889.
History
S 891(5) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
891(6)
[Returned deposit to be paid into trust account]
Where the licensee, or a partnership in which the licensee is a partner, receives an amount under subsection
(4) from a stock exchange, the licensee or partnership, as the case may be, shall pay the amount into a trust account of the licensee or partnership, as the case may be.
History
S 891(6) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
891(7)
[Repayment of deposit guaranteed by Fund]
The Fund shall guarantee the repayment by a participating exchange of the amount of a deposit received by the participating exchange from a person or partnership.
891(8)
[Repayment of deposit guaranteed by fidelity fund]
The fidelity fund of a stock exchange (other than a participating exchange) shall guarantee the repayment by the stock exchange of the amount of a deposit received by the stock exchange from a person or partnership.
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