Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p109
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 109/212)
Character Range: 287278–290057

a participating exchange and carries on in this jurisdiction a securities business.".

SCHEDULE 1—continued

After subsection 938 (3):

  Insert:

"(3a) A levy under subsection (2) is payable at a rate or rates determined in writing by SEGC for the purposes of the levy.

"(3b) SEGC may determine under subsection (2) different rates of levy in respect of:

  (a) transactions in different kinds of securities; or

  (b) transactions by dealers included in different classes of dealers.".

Subsection 938 (4):

  Insert "or (3a)" after "(3)".

After subsection 938 (4):

  Insert:

"(4a) Despite subsection (3), where an amount of a levy imposed under section 938 of the Corporations Law of another jurisdiction was payable in respect of a transaction and has been paid, an amount of levy imposed under this section is not payable in respect of the transaction.".

Paragraph 938 (5) (a):

  Omit the paragraph, substitute:

     "(a) pay the amount of the levy to a participating exchange of which the dealer is a member organisation; and".

Subsection 938 (6):

  Omit "reportable".

Subsections 938 (7) and (8):

  Omit the subsections, substitute:

"(7) A securities exchange must, within the period and in the manner specified in writing by SEGC, pay to SEGC an amount equal to the amount of levy paid to the securities exchange under subsection (5).".

Subsection 938 (9):

  Omit "(8)", substitute "(7)".

Section 940:

  Repeal the section, substitute:

SCHEDULE 1—continued

Levy on participating exchanges

"940. (1) Where the amount in the Fund is less than the minimum amount, SEGC may, whether or not it also makes a determination under subsection 938 (2), determine in writing:

     (a) if there are 2 or more participating exchanges that are securities exchanges:

         (i) that a specified participating exchange that is a securities exchange must pay a levy of a specified amount; or

         (ii) that each of 2 or more specified participating exchanges that are securities exchanges must pay a levy of an amount specified in relation to that exchange; or

     (b) otherwise—that the Exchange must pay a levy of a specified amount.

"(2) A levy payable under this section by a securities exchange must be paid within the period and in the manner determined in writing by SEGC for the purposes of the levy.

"(3) Where a levy is payable under this section, SEGC must give to each participating exchange a notice setting out the name of the participating exchange that must pay the levy and the amount of the levy.

"(4) For the purpose of paying the whole or a part of a levy under this section, a participating exchange may borrow money on such terms as the board of the participating exchange thinks fit.

"(5) An amount paid to SEGC under this section