THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 4 - Levies where Fund less than minimum amount

SECTION 940   LEVY ON PARTICIPATING EXCHANGES  

940(1)  [Fund less than minimum amount]  

Where the amount in the Fund is less than the minimum amount, SEGC may, whether or not it also makes a determination under subsection 938(2), determine in writing:

(a)  if there are 2 or more participating exchanges that are securities exchanges:

(i) that a specified participating exchange that is a securities exchange must pay a levy of a specified amount; or
(ii) that each of 2 or more specified participating exchanges that are securities exchanges must pay a levy of an amount specified in relation to that exchange; or

(b)  otherwise - that the Exchange must pay a levy of a specified amount.

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940(2)  [Time and method of payment]  

A levy payable under this section by a securities exchange must be paid within the period and in the manner determined in writing by SEGC for the purposes of the levy.

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940(3)  [Notice of levy]  

Where a levy is payable under this section, SEGC must give to each participating exchange a notice setting out the name of the participating exchange that must pay the levy and the amount of the levy.

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940(4)  [Exchange may borrow money]  

For the purpose of paying the whole or a part of a levy under this section, a participating exchange may borrow money on such terms as the board of the participating exchange thinks fit.

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940(5)  [Payment into Fund]  

An amount paid to SEGC under this section must be paid into the Fund.

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940(6)  [Section 942]  

This section has effect subject to section 942.

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