Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p32
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 79569–82323

is less than the minimum amount, the Corporation may, whether or not it also imposes a levy under section 122eb, impose a levy:
     (a) unless paragraph (b) applies—on the Exchange; or
     (b) if there are 2 or more participating exchanges that are securities exchanges—on one, or on each of 2 or more, of those participating exchanges.
"(2) A levy imposed under this section on a participating exchange shall be of an amount, and shall be paid within the period, and in the manner, determined in writing by the Corporation for the purposes of the levy.
"(3) Where a levy is imposed under this section, the Corporation shall give to each participating exchange a notice setting out the name of the participating exchange on which the levy is imposed and the amount of the levy.
"(4) For the purposes of paying the whole or a part of a levy imposed under this section, a participating exchange may borrow money on such terms as the committee of the participating exchange thinks fit.
"(5) An amount of levy paid to the Corporation under this section shall be paid into the Fund.

Levy by participating exchange on members or member organisations
"122fc. (1) A participating exchange on which a levy has been imposed under section 122fb may impose on members, or on member organisations, of the participating exchange who or that carry on in the Territory businesses of dealing in securities a levy for payment towards the first-mentioned levy.

"(2) A levy imposed under this section by a participating exchange is payable:
     (a) by a member, or member organisation, as the case requires, of the participating exchange who or that, as at the time when the levy is imposed:
        (i) carries on in the Territory a business of dealing in securities; and
        (ii) is included in a class, or in any of 2 or more classes, of members, or of member organisations, of the participating exchange determined in writing by the participating exchange for the purposes of the levy; and
     (b) at a rate or rates determined in writing by the participating exchange for the purposes of the levy.
"(3) A participating exchange may determine under subsection (2) different rates of levy in respect of different classes of members, or different classes of member organisations, of the participating exchange.
"(4) The amount of a levy imposed by a participating exchange under this section shall 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 particular members, particular classes of members, particular member organisations, or particular classes of member organisations, of the participating exchange.
"(5) Notwithstanding subsections (2) and