(1) The money that at the end of the joining day in relation to a joining exchange was in the joining exchange's fidelity fund must, as soon as practicable after that day, be paid out of that fidelity fund and into the Fund. (2) At the beginning of the next day after the joining day in relation to a joining exchange:

(a)

the investments and other property of the joining exchange's fidelity fund that at the end of the joining day were vested in the joining exchange vest in SEGC and become part of the Fund; and

(b)

the rights that at the end of the joining day the joining exchange had, whether under a previous law or otherwise, in connection with the administration of the joining exchange's fidelity fund vest in SEGC; and

(c)

SEGC becomes liable to pay and discharge the debts, liabilities and obligations of the joining exchange that arose, whether under a previous law or otherwise, in connection with the administration of the joining exchange's fidelity fund and that existed at the end of the joining day.

(3) A reference in subsection (2) to rights or to debts, liabilities and obligations does not include a reference to rights, or to debts, liabilities and obligations, as the case may be, arising under a contract of employment or under a contract for services. (4) Investments that at the end of the joining day in relation to a joining exchange were held, by a person other than the joining exchange, for the purposes of the joining exchange's fidelity fund are held after that day for the purposes of the Fund. (5) After the joining day in relation to a joining exchange, an agreement (other than a contract of employment or a contract for services) that was entered into:

(a)

by or on behalf of the joining exchange as a party; and

(b)

in connection with the administration of the joining exchange's fidelity fund;