THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 2 - Securities Exchanges Guarantee Corporation

SECTION 928   COMMISSION TO BE NOTIFIED OF AMENDMENTS TO BUSINESS RULES  

928(1)  [Notice of amendments]  

Where an amendment is made, by way of rescission, alteration or addition, to its business rules, SEGC shall, as soon as practicable after the making of the amendment, give written notice of the amendment to the Commission.

928(2)  [Contents of notice]  

A notice under subsection (1) shall:

(a)  set out the text of the amendment;

(b)  specify the date on which the amendment was made; and

(c)  contain an explanation of the purpose of the amendment.

928(3)  [Failure to give notice]  

If the notice required to be given by subsection (1) is not given within 21 days after the making of the amendment, the amendment ceases to have effect.

928(4)  [Copy of notice to Minister]  

Where the Commission receives a notice under this section, it shall as soon as practicable send a copy of the notice to the Minister.

928(5)  [Minister may disallow amendment]  

The Minister may, within 28 days after the receipt by the Commission of a notice under this section, disallow the whole or a specified part of the amendment to which the notice relates.

928(6)  [Notice of disallowance]  

Where the Minister disallows the whole or a part of an amendment to which a notice under this section relates, the Commission shall as soon as practicable give notice of the disallowance to SEGC and, upon receipt by SEGC of the notice of disallowance, the amendment, to the extent of the disallowance, ceases to have effect.

928(7)  [Notice of amendment under corresponding previous law]  

If:

(a)  a notice of an amendment to the business rules of NSEGC was given by NSEGC to the NCSC before the commencement of this Part under a corresponding previous law;

(b)  the amendment had not ceased to have effect before that commencement;

(c)  a period of 28 days after the receipt of the notice by the NCSC had not elapsed before that commencement; and

(d)  the Ministerial Council had not before that commencement disallowed the whole or a part of the amendment to which the notice related;

this section (other than paragraph (2)(b)) applies as if the amendment had been an amendment to the business rules of SEGC made on the date of commencement of this Part.