THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 6A - Securities loans guarantees

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SECTION 954D   CLAIM BY LENDER IN RESPECT OF BORROWER'S FAILURE TO DISCHARGE OBLIGATION  

954D(1)  [Obligations of borrower not completely discharged]  

If, as at the end of the compliance period in relation to an obligation of the borrower under a guaranteed securities loan to transfer or pay securities or security benefits, or to pay some other amount (except an excluded amount):

(a)  the lender has transferred borrowed securities in accordance with the agreement; and

(b)  the obligation remains undischarged to any extent;

the lender may, subject to section 954J, make a claim in respect of the obligation.

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954D(2)  [Participating exchange may make single claim]  

A participating exchange make make a single claim under this section in respect of a number of obligations, whether arising under the same or different guaranteed securities loans.

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954D(3)  [Components of single claim treated separately]  

A claim made under subsection (2) is to be treated for the purposes of sections 954G and 954H as if it were a separate claim in respect of each of the obligations to which it relates.

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