Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p44
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 109215–111841

money to the dealer; and
     (b) the liability of the dealer to repay the money remains undischarged;
this Division does not, by reason of the dealer having become insolvent at that time, entitle the person to make a claim in respect of the money.

No claim in certain other cases
"122v. (1) This Division does not, by reason of a person having become insolvent on a particular day, entitle a person to make a claim in respect of property unless the first-mentioned person was on that day a member of a participating exchange and:
     (a) if on that day the first-mentioned person was carrying on (whether on his, her or its own account or in partnership) a business of dealing in securities—that business was carried on in the Territory; or
     (b) otherwise—the last business of dealing in securities that the first-mentioned person carried on (whether on his, her or its own account or in partnership) before that day was carried on in the Territory.
"(2) This Division does not, by reason of a dealer having become insolvent on a particular day, entitle a person to make a claim in respect of property if:
     (a) before that day the property had, in due course of the administration of a trust, ceased to be under the sole control of the dealer; or
     (b) if the Board, or the Court, is satisfied that circumstances that materially contributed to the dealer becoming insolvent on that day were due to, or caused directly or indirectly by, an act or omission of the person.

Limits of compensation
"122w. (1) The total of the amounts paid out of the Fund in connection with claims that:
     (a) by reason of:
        (i) unless subparagraph (ii) applies—a dealer having become insolvent on a particular day; or
        (ii) if 2 or more partners in the same member organisation have become insolvent on a particular day—those partners having become insolvent on that day;
    this Division entitles persons to make; and
     (b) are allowed by the Corporation;
shall not exceed an amount equal to 14% of the minimum amount of the Fund as at the end of that day.

"(2) The amount, or the total of the amounts, paid out of the Fund in connection with a claim or claims that:
     (a) by reason of:
        (i) unless subparagraph (ii) applies—a dealer having become insolvent on a particular day; or
        (ii) if 2 or more partners in the same member organisation have become insolvent on a particular day—those partners having become insolvent on that day;
    this Division entitles a person to make; and
     (b) is or are allowed by the Corporation; shall not exceed:
     (c) if, as at the end of that day, an