Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p125
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 125/212)
Character Range: 330091–332993

SCHEDULE 1—continued

Subsection 1224 (3):

  Omit the subsection.

Subsection 1228 (3):

  Before "law" insert "previous".

Subsection 1229 (2):

  Before "law" insert "previous".

Subsection 1233 (7):

  Before "law" insert "previous".

Subsection 1233 (8):

  Before "law" insert "previous".

Section 1234:

  Repeal the section, substitute:

Contribution to fund

"1234. (1) A person is not to be admitted to membership of a futures organisation unless:

     (a) in any case—the person has paid to the organisation, as a contribution to its fidelity fund, such amount, being not less than $500, as the organisation determines in relation to the person or a class including the person; or

     (b) if the organisation is not a futures exchange—the person is already a member of a futures exchange.

"(2) A contributing member of a futures organisation must, on or before 31 March in each year, pay to the organisation, as a contribution to its fidelity fund, such amount, being not less than $100, as the organisation determines in relation to the contributing member or a class including the contributing member.

  "(3) This section has effect subject to section 1236.".

Section 1235:

  Repeal the section, substitute:

Levy in addition to annual contributions

"1235. (1) If at any time the amount of a fidelity fund is insufficient to pay all amounts that, at that time, are required to be paid under section 1231, the futures organisation may determine that a levy of a specified amount must be paid by specified contributing members of the organisation.

SCHEDULE 1—continued

"(2) The amount of the levy must be paid within the time, and in the manner, specified by the futures organisation either generally or in relation to a particular case.

"(3) A person or partnership need not pay by way of levy under this section more than $5,000 in total or more than $1,000 in any period of 12 months.

"(4) An amount of levy paid under this section must be paid into the futures organisation's fidelity fund.

  "(5) This section has effect subject to section 1236.".

Subsections 1236 (1) and (2):

  Omit the subsections, substitute:

"(1) A person or partnership need not pay a contribution under subsection 1234 (1) or (2) or a levy under section 1235 unless a provision of an Act of this jurisdiction imposes the contribution or levy.".

Section 1238:

  Omit "State or Territory", substitute "jurisdiction".

Subsection 1240 (5):

  Before "law" insert "previous".

Subsection 1242 (4):

  Before "law" insert "previous".

Section 1255:

  Omit "an eligible corporation that", substitute "a person who".

Paragraphs 1255 (a), (b) and (c):

  Omit "corporation", substitute "licensee".

Section 1256:

  Repeal the section, substitute:

Prohibitions where dealing precluded

"1256. (1) A person must not, while precluded from dealing in a futures contract, deal in that futures contract.