THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 6B - Claims in respect of net obligations

SECTION 954U   NEXUS WITH THIS JURISDICTION  

954U    A person or partnership may not make a claim in respect of a failure by a person or partnership (in this section called the ``defaulter'' ) to discharge an obligation to pay an amount or transfer securities unless:

(a)  the defaulter was carrying on a securities business in this jurisdiction on the day on which the obligation arose; or

(b)  if the defaulter was not so carrying on such a business and was not carrying on a securities business in any other jurisdiction on that day - the last securities business that the defaulter carried on in a jurisdiction before that day was carried on in this jurisdiction.