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 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 5 - Securities industry development accounts

SECTION 945 PAYMENTS INTO AND OUT OF DEVELOPMENT ACCOUNT

945(1) [Separate account]

Subject to this section, a participating exchange shall keep money paid to it under section 944 in a separate account designated as a securities industry development account.

945(2) [Allowable payments]

A participating exchange shall not make a payment out of a development account unless the payment is made:

(a) for a purpose in relation to which an approval is in force under subsection (3) in relation to the payment; or

(b) into the Fund.

945(3) [Minister may approve payments]

The Minister may approve in writing, in relation to payments to be made out of development accounts, purposes that are permitted purposes when the approval is given.

945(4) [Conditions]

An approval under subsection (3) may include conditions relating to the payments to which the approval relates.

945(5) [Contravention of section]

A participating exchange that makes, in contravention of subsection (2), a payment out of a development account shall pay into the account, from its general funds, an amount equal to the amount of the first-mentioned payment.

945(6) [Contravention of conditions]

A participating exchange that:

(a) makes as permitted by virtue of paragraph (2)(a) a payment out of a development account; and

(b) contravenes a condition that, when the payment was made, was included in an approval in force under subsection (3) in relation to the payment;

shall pay into the account, from its general funds, an amount equal to the amount of the first-mentioned payment.

945(7) [Definitions]

In this section:

``permitted purpose'' means:

(a) a purpose relating to the development of the securities industry in Australia or in a part of Australia;

(b) a prescribed purpose; or

(c) without limiting the generality of paragraph (a) or (b), a purpose of reimbursing a person in respect of money that the person spent, before the relevant commencement, for a purpose of a kind referred to in paragraph (a) or (b);

[``securities industry''] (Definition omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

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