Commonwealth Consolidated Acts

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Minister to nominate the SEGC

             (1)  Subject to subsection (3), the Minister may nominate in writing as the Securities Exchanges Guarantee Corporation a body corporate (whenever incorporated) that is, for the purposes of the national corporate laws, a company limited by guarantee.

             (2)  ASIC must cause a copy of a nomination by the Minister under subsection (1) to be published in the Gazette .

             (3)  The Minister may only nominate a body corporate under subsection (1) if he or she is satisfied that:

                     (a)  the Australian Stock Exchange Limited is a member of the body corporate; and

                     (b)  each of the other members of the body corporate is a market licensee; and

                     (c)  the body corporate's constitution provides that only market licensees may become or remain members of the body corporate; and

                     (d)  the body corporate will, if nominated under subsection (1), be able to perform and exercise the SEGC's functions and powers under this Division adequately and with due regard to the interests of the public; and

                     (e)  the body corporate has obtained, or will within a reasonable period after being nominated under subsection (1) obtain, indemnity insurance in respect of its liabilities for:

                              (i)  negligence in; and

                             (ii)  defalcation, or fraudulent misuse of property, by an officer, employee or agent of the body corporate in connection with;

                            the performance or exercise of the SEGC's functions or powers under this Division, or has made or will make other satisfactory provisions for meeting those liabilities; and

                      (f)  the body corporate's business rules make satisfactory provision:

                              (i)  for ensuring the safety of property received by the body corporate; and

                             (ii)  generally for the protection of the interests of the public.

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