(1) If, at any time, the amount of a fidelity fund is insufficient to pay all amounts that, at that time, are required to be paid under section 1231, the futures organisation concerned may determine that levy known as futures organisation additional fidelity fund contribution is to be paid by specified contributing members of the futures organisation. When such a determination is made, the levy is payable to futures organisation, as agent for the Commonwealth in accordance with this section.

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

(2) An amount of levy payable under subsection (1) must be paid within the time and in the manner specified by the futures organisation either generally or in relation to a particular case. (3) If a levy is imposed by subsection 6(2) of the Corporations (Futures Organisations Levies) Act 2001 on a person, the levy must be paid by the time by which the levy under subsection 1235(1) of the old Corporations Law referred to in that subsection was required to be paid. (4) Whenever an amount of levy (the levy amount ) is paid under this section, or under subsection 6(2) 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.

(5) A payment of an amount to a futures organisation as required by paragraph (4)(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 futures 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. (6) 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 (4)(a); or

(b)

the payment of an amount by the Commonwealth as required by paragraph (4)(c).