Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision E - Other provisions relating to compensation under this Division  

SECTION 891A   PAYMENT OUT OF THE NGF TO PRESCRIBED BODY WITH ARRANGEMENTS COVERING CLEARING AND SETTLEMENT FACILITY SUPPORT  

891A(1)   [ Direction to pay]  

If the Minister is satisfied that a body corporate specified in regulations made for the purposes of this section has made adequate arrangements covering all or part of the clearing and settlement system support that this Division provides for, the Minister may, in writing, direct the SEGC to pay a specified amount to that body corporate out of the NGF.

891A(2)   [ Conditions on payment]  

The Minister may, in writing, impose conditions to be complied with by the SEGC or the body corporate, or both, in relation to the payment.

891A(3)   [ Compliance with direction]  

The SEGC and the body corporate must comply with the direction and with any applicable conditions to which the direction is subject.

891A(4)   [ Adequate funds to meet future claims]  

Before giving a direction under subsection (1), the Minister must be satisfied that, after the payment is made, the NGF will still have an adequate amount of assets to meet claims.