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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1396
Transitional provisions relating to futures organisation
fidelity fund levies (1) If:
- (a)
- before the commencement, a person paid an
amount as required by subsection 1234(1) of the old Corporations Law of a
State or Territory in order to be admitted to membership of a
futures organisation; and
- (b)
- that person had not been so admitted by the commencement of this Act;
the payment they made before the commencement is taken to satisfy their
liability to pay the levy referred to in subsection 1234(1) of this Act in
respect of their admission after the commencement to that
futures organisation.
(2) If:
- (a)
- either:
- (i)
- before the commencement, a contributing member of a futures organisation
paid an amount as required by subsection 1234(2) of the old Corporations Law
of a State or Territory to a futures organisation in respect of a year some or
all of which occurs after the commencement of this Act; or
- (ii)
- after the commencement, a person pays an amount as required by
subsection 6(1) of the Corporations (Futures Organisations Levies) Act 2001
in respect of a year some or all of which occurs after the commencement of
this Act; and
- (b)
- a levy is also payable under subsection 1234(2) of this Act in respect of
the futures organisation and the year;
the payment they made or make as mentioned in subparagraph (a)(i) or (ii)
is taken to satisfy their liability to pay the levy referred to in
paragraph (b).
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