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 C - The NGF  

SECTION 889F   MONEY BORROWED AND PAID TO THE SEGC  

889F(1)   [ Application]  

This section applies if money borrowed by the SEGC under subsection 889E(1) is paid to the SEGC.

889F(2)   [ Payment of borrowed money]  

The SEGC must pay the money into the NGF.

889F(3)   [ Amount of money in NGF]  

If:

(a) the money was borrowed for the purpose of meeting a payment due out of the NGF; and

(b) the borrowed money has been paid into the NGF; and

(c) the payment due out of the NGF has not yet been made;

then, for the purposes of section 889J , the amount in the NGF is taken to be reduced by the amount of the borrowed money.