THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 9 - General provisions relating to claims

SECTION 970A   CLAIMANT MAY BE REQUIRED TO EXERCISE RIGHT OF SET-OFF  

970A    If:

(a)  a person (in this section called the ``claimant'' ) has made a claim in respect of a liability of another person (in this section called the ``defaulter'' ); and

(b)  the claimant has a right, whether under an agreement or otherwise, to set off a liability of the claimant to the defaulter against the liability referred to in paragraph (a);

SEGC may refuse to allow the claim until the claimant has exercised the right.