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 6A - Securities loans guarantees

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History

Pt 7.10 Div 6A inserted by No 201 of 1991, Sch 1 (effective 18 December 1991).

SECTION 954A   INTERPRETATION - GENERAL DEFINITIONS  

954A(1)  [Interpretation]  

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In this Division:

``borrower'' , in relation to a guaranteed securities loan, has the meaning given by section 954B;

``claim'' means a claim under this Division against SEGC;

``compliance period'' , in relation to an obligation under a guaranteed securities loan, means:

(a)  if the business rules of the lender as in force when the loan is made prescribe a period in relation to the obligation for the purposes of this paragraph - that period; or

(b)  otherwise - a period that is reasonable having regard to the obligation and all the circumstances relating to the loan;

``excluded amount'' , in relation to a guaranteed securities loan, means an amount payable by the borrower by way of a fee or charge, or by way of interest or a penalty, in respect of the loan;

``guaranteed securities loan'' has the meaning given by section 954B;

``lender'' , in relation to a guaranteed securities loan, has the meaning given by section 954B;

``security benefit'' means:

(a)  property (other than securities) or money transferred or paid to a person because the person is or was the holder of a security; or

(b)  a right that a person has because the person is or was the holder of a security, including, for example:

(i) a right to be paid an amount or to be issued with additional securities; or

(ii) a right that arises out of a reduction in share capital, a scheme of arrangement or compromise or a takeover bid.

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History

S 954A(1) amended by No 156 of 1999, Sch 3, Pt 9 (effective 13 March 2000).

S 954A(1) amended by No 61 of 1998, Sch 2, Pt 3 (effective 1 July 1998).

S 954A(1) inserted by No 201 of 1991, Sch 1 (effective 18 December 1991).

954A(2)  [``security benefit'']  

A reference in the definition of ``security benefit'' in subsection (1) to a right is a reference to a right, whether existing or future, and whether contingent or not.

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History

S 954A(2) inserted by No 201 of 1991, Sch 1 (effective 18 December 1991).

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