Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p40
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 99394–102140

served on the Corporation within 6 months after the day on which the claimant became entitled to make the claim.
"(6) A claim that is not made within the period prescribed by subsection (5) is barred unless the Board otherwise determines.

"Division 7—Claims in respect of Insolvent Members

Interpretation
"122q. (1) In this Division, unless the contrary intention appears:
     'claim' means a claim against the Corporation under this Division;
     'dealer' means a member of a participating exchange;
     'member organisation' means a member organisation of a participating exchange.
"(2) A reference in this Part to property being entrusted to, or received by, a person or partnership includes a reference to the property being entrusted to, or received by, the person or partnership outside the Territory, whether within Australia or not.

Claim in respect of property entrusted to, or received by, dealer before dealer became insolvent
"122r. (1) Subject to this Division, where:
     (a) a dealer becomes insolvent at a particular time;
     (b) at an earlier time (whether before, at or after the relevant commencement), property was, in the course of, or in connection with, the dealer's business of dealing in securities, entrusted to, or received by:
        (i) unless subparagraph (ii) applies—the dealer or an employee of the dealer; or
        (ii) if the dealer was, at the earlier time, a partner in a member organisation—the member organisation, or a partner in, or an employee of, the member organisation;
    and was so entrusted or received for or on behalf of, or by reason that the dealer was a trustee of the property for, a person (other than an excluded person in relation to the dealer); and
     (c) as at the first-mentioned time, the obligations of the dealer, or of a member organisation in which the dealer is a partner, as the case requires, to the person in respect of the property have not been discharged;
the person may make a claim in respect of the property.
"(2) Where a person makes a claim in respect of property and, at a particular time, the Board is satisfied that:
     (a) by reason of a dealer having become insolvent, this Division entitles the claimant to make the claim; and
     (b) as at that time, the obligations of the dealer, or of a member organisation in which the dealer is a partner, as the case requires, to the claimant in respect of the property have not been discharged;
the Corporation shall allow the claim and:

     (c) if the property is, or includes, money—pay to the claimant an amount equal to the amount of that money; and
     (d) if the property is, or includes, property other than money—subject to subsection (3) and section 122s, supply the last-mentioned property