(1) Where the amount in the Fund exceeds the minimum amount, the Board may, in its discretion, determine in writing that a specified amount equal to the whole or a part of the excess be paid out of the Fund:

(a)

if the Exchange is the only participating exchange—to the Exchange; or

(b)

if there are 2 or more participating exchanges:

(i)

to a specified participating exchange; or

(ii)

to 2 or more specified participating exchanges in specified proportions.

(2) Where there are 2 or more participating exchanges, a determination under subsection (1) must be fair and equitable having regard, in relation to each participating exchange, to:

(a)

the amounts that have been paid into the Fund and that are attributable to, or to members or member organisations of, that participating exchange; and

(b)

the amounts that have been paid out of the Fund and that are so attributable.

(3) Where a determination is made in accordance with this section, the amount specified in the determination must be paid out of the Fund in accordance with the determination. (4) For the purposes of subsection (2), where:

(a)

money in the fidelity fund of a securities exchange has been paid into the Fund under subsection 985(1); or

(b)

property of the fidelity fund of a securities exchange (other than money in that fidelity fund) has vested in SEGC, and become part of the Fund, by virtue of subsection 985(2);