Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p26
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 64799–67583

guarantee.

"(2) The Commission shall cause a copy of an instrument executed by the Ministerial Council under subsection (1) to be published in the Gazette, but failure of the Commission to do so does not affect the validity of the instrument.
"(3) The Ministerial Council shall not nominate a body corporate under subsection (1) unless the Ministerial Council is satisfied that:
     (a) the Exchange is a member of the body corporate;
     (b) none of the members of the body corporate is a person other than:
        (i) an eligible exchange; or
        (ii) a nominee of an eligible exchange, being an eligible exchange that is a member of the body corporate;
     (c) the body corporate's constituent documents provide that no person, other than a person of a kind referred to in subparagraph (b) (i) or (ii), may become or remain a member of the body corporate;
     (d) the body corporate will, if nominated under subsection (1), be able to perform and exercise the Corporation's functions and powers under the Fund provisions adequately and with due regard to the interests of the public;
     (e) the body corporate has obtained, or will within a reasonable period after being nominated under subsection (1) obtain, indemnity insurance in respect of its liabilities for:
        (i) negligence in; and
        (ii) defalcations, or fraudulent misuse of property, by an officer, employee or agent of the body corporate in connection with;
    the performance or exercise of the Corporation's functions or powers under the Fund provisions, or has made or will make other satisfactory provision for meeting those liabilities; and
     (f) the body corporate's business rules make satisfactory provision:
        (i) for ensuring the safety of property received by the body corporate; and
        (ii) generally for the protection of the interests of the public.

Functions and powers under Fund provisions
"122bb. (1) In addition to the legal capacity and powers that it has by virtue of section 67 of the Companies Act 1981, the Corporation:
     (a) has such functions and powers as are conferred on it by the provisions of this Part; and
     (b) shall perform any functions, and may exercise any powers, that are conferred, or expressed to be conferred, on it by the provisions of a law of a participating State or participating Territory that correspond with this Part.

"(2) Section 68 of the Companies Act 1981 does not apply in relation to a function or power conferred, or expressed to be conferred, as mentioned in paragraph (1) (a) or (b) of this section.
"(3) Except so far as the contrary intention appears, a reference in this Part to functions or powers of the Corporation under the Fund provisions is a reference to functions or powers conferred, or expressed to