THE CORPORATIONS LAW

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 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 7 - Interpretation of other expressions

SECTION 72 FUTURES CONTRACT

View history reference

72(1) [Meaning of ``futures contract'']

A futures contract is:

(a) a Chapter 8 agreement that is, or has at any time been, an eligible commodity agreement or adjustment agreement;

(b) a futures option; or

(c) an eligible exchange-traded option;

other than:

(d) a Chapter 8 agreement:

(i) that is:
(A) a currency swap;

(B) an interest rate swap;

(C) a forward exchange rate contract; or

(D) a forward interest rate contract; and

(ii) to which an Australian bank, or a merchant bank as defined by subsection (4), is a party; or

(e) a Chapter 8 agreement that, when entered into, is in a class of agreements prescribed for the purposes of this paragraph.

Note:

Regulations under subsection 72A(2) may provide that specified provisions of this Law and the regulations apply in relation to Chapter 8 agreements to which section 72A applies as if the agreements were futures contracts.

View history note

72(2) [Chapter 8 agreement becoming a futures contract]

Where a Chapter 8 agreement that was not a futures contract when it was entered into becomes a futures contract at a later time:

(a) the parties to the Chapter 8 agreement shall be deemed to enter into a futures contract at the later time; and

(b) the Chapter 8 agreement shall be deemed to constitute the futures contract referred to in paragraph (a).

72(3) [Determining a class of futures contracts]

Nothing in this Law limits the manner in which a class of futures contracts may be determined and such a class may be determined according to any criteria relevant to futures contracts.

72(4) [``merchant bank'']

For the purposes of subparagraph (1)(d)(ii), a body corporate is a merchant bank at a particular time if, and only if, it is at that time a registered corporation in:

(a) the category for authorised money market dealers or, if there is at that time no such category, a prescribed category; or

(b) the category for money market corporations or, if there is at that time no such category, a prescribed category.

72(5) [Financial Corporations Act]

An expression has the same meaning in subsection (4) as in the Financial Corporations Act 1974.

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