Document ID: chunk:federal_register_of_legislation:C2004A02877:body:0:p9
Version: federal_register_of_legislation:C2004A02877
Segment Type: other
Provision Reference: 
Character Range: 20054–22737

is the total amount of the annual contributions made by the relevant person to the fund or such proportion of those contributions as is for the time being determined by the committee either generally or in relation to the particular relevant person, either with or without simple interest at a rate not exceeding 3% per annum.";
     (b) by omitting from sub-section (2) "paragraph (1) (b)" and substituting "sub-section (1d)";
     (c) by omitting from paragraph (3) (a) "(1) (b) or (c)" and substituting "(1b) (a) or (b)";and
     (d) by omitting from sub-section (4) "(1)" and substituting "(1a)".

Application of fund
17. Section 111 of the Principal Act is amended—
     (a) by inserting after sub-section (3) the following sub-section:
    "(3a) Where a right to compensation does not arise under sub-section (1), a fidelity fund may, subject to this Part, be applied for the purpose of paying to a liquidator of a body corporate that is being wound up (being a body corporate that is a member of a stock exchange) an amount not greater than the amount that the liquidator certifies is required to make up or reduce the total deficiency arising by reason of the available assets of the body corporate being insufficient to

    satisfy the debts arising from dealings in securities that have been proved in the winding up by creditors of the body corporate.";
     (b) by inserting in paragraph (4) (b) "or (3a)" after "(2)";
     (c) by adding at the end of sub-section (8) "or (3a)"; and
     (d) by adding at the end thereof the following sub-sections:
    "(10) A reference in this section to an employee of a member or former member of a stock exchange includes, in the case of a member or former member that is a body corporate, a reference to an officer of the body corporate.
    "(11) A reference in this section to a defalcation, or to a fraudulent misuse of securities or documents of title to securities or of other property, is a reference to a defalcation, or to such a fraudulent misuse, wherever occurring.".

Power of committee to settle claims
18. Section 115 of the Principal Act is amended by omitting paragraph (2) (b) and substituting the following paragraph:
     "(b) the claimant has exhausted all relevant rights of action and other legal remedies for the recovery of the money, securities, documents of title to securities or other property in respect of which the pecuniary loss occurred, being rights and remedies that are available against the member of the stock exchange in relation to whom the claim arose and all other persons who are liable in respect of the loss suffered by the claimant, other than any right or remedy that the claimant may