Commonwealth Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 No. 50, 2001 - SECT 973

Application of Fund in respect of certain claims

(1) SEGC:

may buy securities for the purpose of complying with subsection 950(3), 950(4), 952(4), 952(5), 954G(2), 954S(2) or 954Z(2), paragraph 960(2)(a) or subsection 963(3); and

may pay money out of the Fund for the purpose of so buying securities or for any other purpose connected with complying with that subsection or paragraph.

(2) Securities bought by SEGC as mentioned in subsection (1) form part of the Fund until they are supplied in accordance with this Part to a claimant or sold in accordance with subsection (3). (3) If:

SEGC buys securities for the purpose of complying, in relation to a claim, with a provision referred to in paragraph (1)(a); and

SEGC satisfies the claim by paying an amount to the claimant;

SEGC must, as soon as practicable after satisfying the claim, sell the securities and pay the proceeds of the sale into the Fund.

(4) In this section:

"securities" includes security benefits, within the meaning of Division 6A, other than amounts of money.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback