Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p110
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 110/212)
Character Range: 289839–292591

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 must be paid into the Fund.

  "(6) This section has effect subject to section 942.".

Subsection 941 (1):

Omit "who or that carry on businesses of dealing in securities shall", substitute "must".

Subsection 941 (2):

Omit all the words before "is payable", substitute "Where a determination is made under subsection (1), a levy".

Paragraph 941 (2) (a):

  Omit the paragraph, substitute:

  "(a) carries on in this jurisdiction a securities business; and".

Subsections 941 (3), (4), (5) and (6):

  Omit the subsections, substitute:

"(3) A levy payable under this section is payable at a rate or rates determined in writing by the participating exchange for the purposes of the levy.

SCHEDULE 1—continued

"(4) A participating exchange may determine under subsection (2) different rates of levy in respect of different classes of its members or member organisations.

"(5) The amount of a levy imposed by a participating exchange under this section must be paid to the participating exchange within the period and in the manner specified in writing by the participating exchange either generally or in relation to:

  (a) particular members; or

  (b) particular classes of members; or

  (c) particular member organisations; or

  (d) particular classes of member organisations;

of the participating exchange.

  "(6) Despite subsections (1), (2), (3) and (5), where:

     (a) a participating exchange makes a determination that members, or member organisations, of the exchange must pay a levy for payment towards a levy payable under section 940; and

     (b) because of the determination, an amount of levy is payable under subsection 941 (2) of the Corporations Law of another jurisdiction by a member, or member organisation, of the exchange; and

  (c) the amount of levy is paid;

the member or member organisation need not pay an amount of levy under subsection (2) of this section because of such a determination made by the exchange in relation to the levy payable under section 940.

"(7) A participating exchange must pay an amount equal to an amount paid to it by way of levy under this section in payment of the levy imposed under section 940.

"(8) Subsection 8 (1) does not apply in relation to a reference in this section to this section or to a provision of it.

  "(9) This section has effect subject to section 942.".

Section 942:

  Repeal the section, substitute:

Levy not payable unless imposed by an Act

"942. A person or partnership need not pay a levy under section 938, 940 or 941 unless the