On and after the joining day in relation to a joining exchange, the liability provisions apply, for the purposes of a transferred claim in relation to the joining exchange, as if, except in relation to a time before that day:

(a)

a reference in those provisions to the fidelity fund of a securities exchange were a reference to the Fund; and

(b)

a reference in those provisions to the board of a securities exchange were a reference to the Board; and

(c)

a reference in those provisions to a securities exchange were a reference to SEGC;