Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p107
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 107/212)
Character Range: 282044–284765

condition of the licence existing by virtue of", substitute "The deposit to be lodged and kept for the purposes of".

Subsection 890 (2):

  Omit "a condition existing by virtue of".

Subsection 890 (3):

Omit "It is a condition of a licence that, if by virtue of a condition of the licence existing by virtue of subsection (1)", substitute "If, because of subsection (1),".

Subsection 891 (1):

  Omit "a condition existing by virtue of".

Subsection 891 (4):

  Omit "a condition existing by virtue of".

Subsection 891 (5):

  Omit "a condition existing by virtue of".

Subsection 891 (6):

  Omit "It is a condition of a licence that where", substitute "Where".

SCHEDULE 1—continued

Subsection 892 (1):

  After "corresponding" insert "previous".

Subsection 895 (3):

  Before "law" insert "previous".

Subsection 899 (2):

  Before "Law" (wherever occurring) insert "previous".

Subsections 901 (6) and (7):

  After "corresponding" insert "previous".

Section 902:

  Repeal the section, substitute:

Contributions to fund

  "902. (1) A person is not to be admitted to:

  (a) membership of a securities exchange; or

     (b) a partnership in a member firm recognised by a securities exchange;

unless the person has paid to the securities exchange, as a contribution to its fidelity fund, such amount, being not less than $500, as is determined by the securities exchange in relation to that person or in relation to a class of persons that includes that person.

"(2) A person who is a member of a securities exchange must, on or before 31 March in each year, pay to the securities exchange, as a contribution to its fidelity fund, such amount, being not less than $100, as is determined by the securities exchange in relation to that person or in relation to a class of persons that includes that person.

  "(3) This section has effect subject to section 919.".

Section 904:

  Repeal the section, substitute:

Levy in addition to annual contributions

"904. (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 898, the securities exchange may determine that a levy of a specified amount must be paid by each member of the exchange who is liable to make annual payments of the contribution referred to in subsection 902 (2).

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

SCHEDULE 1—continued

"(3) A person is not required to 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