THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 8 - Claims in respect of insolvent members

SECTION 967   NO CLAIM IN CERTAIN OTHER CASES  

967    This Division does not, because of a dealer having become insolvent on a particular day, entitle a person to make a claim in respect of property if:

(a)  before that day the property had, in due course of the administration of a trust, ceased to be under the sole control of the dealer; or

(b)  the Board, or the Court, is satisfied that circumstances that materially contributed to the dealer becoming insolvent on that day were due to, or caused directly or indirectly by, an act or omission of the person.