Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p52
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 128513–131303

as they have effect by virtue of subsection 36p (4) or (6);
    as the case requires;
     'nomination day' means the day on which the Ministerial Council first makes a nomination under subsection 122ba (1);
     'transfer day', in relation to a transferring exchange, means:
        (a) in the case of a founding exchange—the nomination day; or
        (b) in the case of a joining exchange—the day on which the joining exchange became a local Exchange subsidiary, or a participating exchange, as the case requires;
     'transferred claim', in relation to a transferring exchange, means:
        (a) a claim made, before the transfer day in relation to the transferring exchange, for compensation from the transferring exchange's fidelity fund;
        (b) a claim that, as at the time immediately before the transfer day in relation to the transferring exchange, the liability provisions entitled a person to make for compensation from the transferring exchange's fidelity fund, but that, as at that time, had not been made; or
        (c) a claim that purports to be a claim of a kind referred to in paragraph (b);
     'transferring exchange' means a founding exchange or a joining exchange.

Assets and liabilities of transferring exchange's fidelity fund
"122zf. (1) The money that at the end of the transfer day in relation to a transferring exchange was in the transferring exchange's fidelity fund shall, as soon as practicable after that day, be paid out of that fidelity fund and into the Fund.
"(2) At the beginning of the next day after the transfer day in relation to a transferring exchange:
     (a) the investments and other property of the transferring exchange's fidelity fund that at the end of the transfer day were vested in the transferring exchange vest in the Corporation and become part of the Fund;

     (b) the rights that at the end of the transfer day the transferring exchange had, whether under or by virtue of Part IX or otherwise, in connection with the administration of the transferring exchange's fidelity fund vest in the Corporation; and
     (c) the Corporation becomes liable to pay and discharge the debts, liabilities and obligations of the transferring exchange that arose, whether under or by virtue of Part IX or otherwise, in connection with the administration of the transferring exchange's fidelity fund and that existed at the end of the transfer day.
"(3) A reference in subsection (2) to rights or to debts, liabilities and obligations does not include a reference to rights, or to debts, liabilities and obligations, as the case may be, arising under a contract of employment or under a contract for services.
"(4) Investments that at the end of the transfer day in relation to a transferring exchange were held, by a person other than