Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1229

Money constituting fidelity fund

(1) The fidelity fund of a futures organisation consists of:

in the case of a fidelity fund established before the commencement of this Act—the money, and other property, of which the fund consisted immediately before that commencement; and

in the case of a fidelity fund established after the commencement of this Act—any amount that is paid to the credit of the fund by the futures organisation on the establishment of the fund; and

money paid into the fidelity fund as required by paragraphs 1234(4)(d) and 1235(4)(d); and

money paid to the futures organisation, in accordance with this Part or the business rules of the futures organisation, by contributing members of the futures organisation; and

the interests and profits from time to time accruing from the investment of the fidelity fund; and

money paid into the fidelity fund by the futures organisation; and

money recovered by or on behalf of the futures organisation in the exercise of a right of action conferred by this Part; and

money paid by an insurer pursuant to a contract of insurance or indemnity entered into by the futures organisation under section 1249; and

all other money lawfully paid into the fund.

(2) Where a futures organisation has, under paragraph (1)(b), paid an amount to the credit of its fidelity fund:

the Minister may approve in writing, on such conditions (if any) as are specified in the approval, the repayment of the whole, or a specified part, of the amount from the fidelity fund to the general funds of the futures organisation; and

if the Minister does so, the whole, or the specified part, as the case may be, of the amount may, in accordance with the conditions (if any) so specified, be so repaid.

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