THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 6C - Transfer delivery service guarantees

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SECTION 954ZA   HOW CLAIM UNDER SUBSECTION 954X(3) IS TO BE SATISFIED  

954ZA(1)  [Board to be satisfied]  

Subject to section 954ZD, SEGC must allow a claim under subsection 954X(3) if the Board is satisfied that:

(a)  the claimant is entitled to make the claim; and

(b)  if paragraph 954X(1)(f) applies - the transferee has paid to the transferor the consideration payable, under the agreement for the purchase, for the purchase; and

(c)  the claimant has paid or transferred to SEGC any money or property it has obtained because of the right of subrogation given by paragraph 954X(3)(c) in relation to the purported transfer of securities by the TDS nominee.

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954ZA(2)  [How claim to be satisfied]  

If SEGC allows the claim, it must pay to the claimant the amount that, as at the time when the claim is allowed, is the actual pecuniary loss suffered by the claimant because of the actions it has taken to remedy the TDS nominee's default.

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954ZA(3)  [Calculating pecuniary loss]  

In working out the amount of the actual pecuniary loss suffered in respect of actions taken by the claimant to remedy the TDS nominee's default, regard may be had to the cost to the claimant of obtaining the securities obtained or transferred as mentioned in paragraph 954X(3)(a) or (b), as the case requires.

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954ZA(4)  [Money or property part of Fund]  

Money or property paid or transferred to SEGC under paragraph (1)(c) forms part of the Fund.

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