THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 6A - Securities loans guarantees

SECTION 954A   INTERPRETATION - GENERAL DEFINITIONS  

954A(1)  [Interpretation]  

In this Division:

``borrower'' , in relation to a guaranteed securities loan, has the meaning given by section 954B;

``claim'' means a claim under this Division against SEGC;

``compliance period'' , in relation to an obligation under a guaranteed securities loan, means:

(a)  if the business rules of the lender as in force when the loan is made prescribe a period in relation to the obligation for the purposes of this paragraph - that period; or

(b)  otherwise - a period that is reasonable having regard to the obligation and all the circumstances relating to the loan;

``excluded amount'' , in relation to a guaranteed securities loan, means an amount payable by the borrower by way of a fee or charge, or by way of interest or a penalty, in respect of the loan;

``guaranteed securities loan'' has the meaning given by section 954B;

``lender'' , in relation to a guaranteed securities loan, has the meaning given by section 954B;

``security benefit'' means:

(a)  property (other than securities) or money transferred or paid to a person because the person is or was the holder of a security; or

(b)  a right that a person has because the person is or was the holder of a security, including, for example:

(i) a right to be paid an amount or to be issued with additional securities; or

(ii) a right that arises out of a reduction in share capital, a scheme of arrangement or compromise or a takeover bid.

954A(2)  [``security benefit'']  

A reference in the definition of ``security benefit'' in subsection (1) to a right is a reference to a right, whether existing or future, and whether contingent or not.