Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p25
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 25/212)
Character Range: 67921–70690

in Part 7.10 of the Corporations Law of the Capital Territory.

"(5) The body corporate that, immediately before the commencement of this Part, was the National Securities Exchanges Guarantee Corporation for the purposes of Part IXa of the Securities Industry Act 1980 is taken to have been nominated, at that commencement, under subsection (1).

SEGC's functions and powers under Part 7.10 of the Corporations Law

"68. (1) In addition to the legal capacity and powers it has because of section 161 of the Corporations Law of the Capital Territory, SEGC has such functions and powers as are conferred, or expressed to be conferred, on it by this Part or by Part 7.10 of the Corporations Law.

"(2) Section 162 of the Corporations Law of the Capital Territory does not apply in relation to a function or power conferred, or expressed to be conferred, as mentioned in subsection (1) of this section.

Establishment of National Guarantee Fund

"69. As soon as practicable after the commencement of this Part, SEGC must establish a fund, to be known as the National Guarantee Fund.

"PART 11—MISCELLANEOUS

National business names register

"70. Where the Minister is satisfied that the Commission has access to electronic records of information containing, in relation to a jurisdiction or jurisdictions, names registered from time to time as business names in that jurisdiction or those jurisdictions, the Minister may, by notice published in the Gazette identifying the records concerned, declare that he or she is so satisfied.

Companies Unclaimed Money Account

"71. (1) There is to be a Trust Account to be known as the Companies Unclaimed Money Account.

"(2) The Account may contain money required or permitted to be paid into the Account under the Corporations Law of the Capital Territory or of any other jurisdiction.

"(3) Money standing to the credit of the Account may be expended for the purpose of making payments in accordance with Part 9.7 of the Corporations Law of the Capital Territory or of any other jurisdiction.

"(4) The Account is a Trust Account for the purposes of section 62a of the Audit Act 1901.

Companies Liquidation Account

  "72. (1) In this section:

  'relevant money' means:

     (a) money that, immediately before the commencement of this section, stood to the credit of the Companies Liquidation Account established by section 428 of the Companies Act 1981; and

     (b) money that, after the commencement of this section, is paid into the Companies Liquidation Account under provisions of the Companies Act 1981 that are taken to continue in force after the commencement of Chapter 5 of the Corporations Law for the purposes of windings up started before the commencement of that Chapter.

"(2) Relevant money is to be dealt