Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p108
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 108/212)
Character Range: 284568–287536

"(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 be paid into the securities exchange's fidelity fund.

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

Subsection 907 (9):

  Before "law" insert "previous".

Subsection 908 (5):

  Before "law" insert "previous".

Subsection 910 (4):

  Before "law" insert "previous".

Section 919:

  Repeal the section, substitute:

Contribution or levy not payable unless imposed by an Act

"919. A person need not pay a contribution under subsection 902 (1) or (2) or a levy under section 904 unless a provision of an Act of this jurisdiction imposes the contribution or levy.".

Subsection 920 (1) (definition of "Fund provisions"):

  Omit the definition, substitute:

" 'Fund provisions' means all of the following:

   (a) the provisions of this Part;

     (b) the provisions of Part 7.10 of the Corporations Law of each jurisdiction other than this jurisdiction;".

Subsection 920 (3):

Omit "Australia", substitute "this jurisdiction, whether in Australia or not".

Subsections 920 (4) and (5):

  Omit the subsections, substitute:

"(5) A reference in this Part to a business being carried on in this jurisdiction includes a reference to the business being carried on both in this jurisdiction and outside it, whether in Australia or not.".

SCHEDULE 1—continued

Subsection 922 (1):

Omit "corporation" (wherever occurring), substitute "body corporate".

Subsection 922 (2):

  Omit the subsection.

Section 924:

  Repeal the section.

Sections 925 and 926:

  Repeal the sections, substitute:

Functions and powers

"926. SEGC shall perform the functions, and may exercise the powers, that are conferred, or expressed to be conferred, on it by or under this Part.".

Paragraph 928 (7) (a) and subsections 933 (6) and 936 (2):

  After "corresponding" insert "previous".

Subsection 929 (1):

  Omit the subsection, substitute:

"(1) SEGC must keep the Fund and the Board must administer it on SEGC's behalf.".

Subsection 933 (6):

  After "corresponding" insert "previous".

Subsection 936 (2):

  After "corresponding" insert "previous".

Subsection 938 (1) (definition of "appropriate participating exchange"):

  Omit the definition.

Subsection 938 (1):

  Insert:

" 'reportable transaction' means a sale or purchase of securities by a person or partnership, where, as at the time when the agreement for the sale or purchase is made:

     (a) the sale or purchase is a reportable transaction as defined in subsection 920 (1); and

     (b) the person or partnership is a member organisation of 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