THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 9 - General provisions relating to claims

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SECTION 973   APPLICATION OF FUND IN RESPECT OF CERTAIN CLAIMS  

973(1)  [SEGC may purchase securities]  

SEGC:

(a)  may buy securities for the purpose of complying with subsection 950(3), 950(4), 952(4), 952(5), 954G(2), 954S(2) or 954Z(2), paragraph 960(2)(a) or subsection 963(3); and

(b)  may pay money out of the Fund for the purpose of so buying securities or for any other purpose connected with complying with that subsection or paragraph.

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973(2)  [Securities form part of Fund]  

Securities bought by SEGC as mentioned in subsection (1) form part of the Fund until they are supplied in accordance with this Part to a claimant or sold in accordance with subsection (3).

973(3)  [SEGC to dispose of securities]  

If:

(a)  SEGC buys securities for the purpose of complying, in relation to a claim, with a provision referred to in paragraph (1)(a); and

(b)  SEGC satisfies the claim by paying an amount to the claimant;

SEGC must, as soon as practicable after satisfying the claim, sell the securities and pay the proceeds of the sale into the Fund.

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973(4)  [``securities'']  

In this section:

``securities'' includes security benefits, within the meaning of Division 6A, other than amounts of money.
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