Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p4
Version: federal_register_of_legislation:C2004A03415
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securities exchange to establish and keep;
        'function' includes a duty;

        'Fund' means the National Guarantee Fund established under subsection 122ca (1);";
     (f) by inserting after the definition of "listing rules" in subsection (1) the following definition:
        " 'local Exchange subsidiary' means a securities exchange that is an Exchange subsidiary;";
     (g) by omitting from subsection (1) the definitions of "member" and "member firm" and substituting the following definitions:
        "member', in relation to a securities exchange or a recognised securities exchange, means, except in the definition of 'member organisation' and in Part IIa, a person who is, or who is a partner in, a member organisation of the securities exchange or recognised securities exchange;
        'member firm', in relation to a securities exchange or a recognised securities exchange, means a partnership that is a member organisation of the securities exchange or recognised securities exchange;
        'member organisation', in relation to a securities exchange or a recognised securities exchange, means:
          (a) a member of the securities exchange or recognised securities exchange who or that carries on a business of dealing in securities on his, her or its own account and not in partnership; or
          (b) a partnership that carries on a business of dealing in securities and is recognised by the securities exchange or recognised securities exchange as a member organisation or member firm;
        'memorandum' means memorandum of association;";
     (h) by inserting after the definition of "recognized licensee" in subsection (1) the following definitions:
        " 'recognised securities exchange' means a body corporate that is a securities exchange for the purposes of a corresponding law of a participating State or participating Territory;
     'recognised stock exchange' means a body corporate that is a stock exchange for the purposes of a corresponding law of a participating State or participating Territory;";
     (j) by omitting from subsection (1) the definition of "sole trader" and substituting the following definition:
        " 'sole trader' means a person who is a member organisation of a securities exchange or of a recognised securities exchange;"; and
     (k) by omitting from subsection (1) the definition of "stock exchange" and substituting the following definition:
        " 'stock exchange' means:

          (a) the Exchange; or
          (b) a body corporate that is approved by the Ministerial Council under section 38;".
     5. After section 36 of the Principal Act the following Part is inserted:

"PART IIA—AUSTRALIAN STOCK EXCHANGE LIMITED

Interpretation
"36a. (1) In this Part:
     'AASE' means Australian Associated Stock Exchanges;
     'nominated exchange' means the stock exchange (if any) nominated by AASE, for the purposes of this Part, by notice in writing lodged with the Commission before the relevant commencement;
     'relevant commencement' means the commencement of section 5 of the Australian Stock Exchange and National Guarantee Fund Act 1987.
"(2) A person who