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 7.10 - THE NATIONAL GUARANTEE FUND
Division 7 - Unauthorised transfer
SECTION 959
HOW AND WHEN CLAIM MAY BE MADE
959(1)
[Claim procedure]
A claim must:
(a)
be in writing; and
(b)
be served on SEGC:
(i) if a notice under subsection (4) applies to the claim - before the end of the last application day specified in the notice; or
(ii) in any other case - within 6 months after the day on which the claimant first became aware that the claimant had suffered loss as a result of the unauthorised execution.
History
S 959(1) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(2)
[Unauthorised execution by dealer]
For the purposes of subsection
(1), a notice under subsection
(4) applies to a claim if the claim is in respect of an unauthorised execution, by the dealer named in the notice, during the applicable period specified in the notice.
History
S 959(2) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(3)
[Time limit]
A claim that is not served on SEGC by the time required by paragraph
(1)(b) is barred unless the Board otherwise determines.
History
S 959(3) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(4)
[SEGC may publish notice]
SEGC may publish, in each State and Territory in a daily newspaper circulating in that State or Territory, a notice that:
(a)
is in the prescribed form; and
(b)
names a particular dealer; and
(c)
requires that all claims in respect of unauthorised executions, by the named dealer, during a period (in this section called the
``applicable
period''
) specified in the notice in accordance with subsection
(5) must be served on SEGC before the day (in this section called the
``last
application day''
) specified in the notice in accordance with subsection
(6).
History
S 959(4) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(5)
[Applicable period]
The applicable period must be a period that starts and ends before:
(a)
if each publication of the notice occurs on the same day - the day on which the notice is published; or
(b)
in any other case - the first day on which the notice is published.
History
S 959(5) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(6)
[Last application day]
The last application day must be at least 3 months after:
(a)
if each publication of the notice occurs on the same day - the day on which the notice is published; or
(b)
in any other case - the last day on which the notice is published.
History
S 959(6) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.
959(7)
[Privilege in respect of publication]
SEGC, a member of the Board and any employee of, or person acting on behalf of, SEGC each have qualified privilege in respect of the publication of a notice under subsection
(4).
History
S 959(7) substituted by No 201 of 1991, Sch 1 (effective 18 December 1991).
CCH Note:
see s 1369.