(1) A person is not to be admitted to membership of a futures organisation unless:

(a)

in any case—the person has paid to the futures organisation, as agent for the Commonwealth, the levy known as futures organisation (application for membership) fidelity fund contribution; or

(b)

if the organisation is not a futures exchange—the person is already a member of a futures exchange.

Note: For the imposition and amount of the levy referred to in paragraph (a), see the Corporations (Futures Organisations Levies) Act 2001 .

(2) A contributing member of a futures organisation must, on or before 31 March in each year, pay to the futures organisation, as agent for the Commonwealth, the levy known as futures organisation (annual membership) fidelity fund contribution.

Note: For the imposition and amount of the levy, see the Corporations (Futures Organisations Levies) Act 2001 .

(3) Whenever an amount of levy (the levy amount ) is paid under this section, or under subsection 6(1) of the Corporations (Futures Organisations Levies) Act 2001 , to a futures organisation as agent for the Commonwealth:

(a)

the futures organisation must pay an amount equal to the levy amount to the Commonwealth; and

(b)

the Consolidated Revenue Fund is appropriated by that amount for the purpose of payment to the futures organisation; and

(c)

the Commonwealth must pay the amount so appropriated to the futures organisation; and

(d)

the futures organisation must pay the amount it receives under paragraph (c) into its fidelity fund.

(4) A payment of an amount to a futures organisation as required by paragraph (3)(c) in respect of a particular levy amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or a part of the levy amount, the future organisation must pay to the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund. The futures organisation may pay, out of its fidelity fund, any amount so required to be paid to the Commonwealth. (5) The Financial Management and Accountability Act 1997 does not apply in relation to the payment of an amount of levy under this section to a futures organisation as agent for the Commonwealth. However, the operation of that Act in relation to the following payments is not affected.

(a)

the payment of an amount to the Commonwealth as required by paragraph (3)(a); or

(b)

the payment of an amount by the Commonwealth as required by paragraph (3)(c).