Commonwealth Numbered Regulations

CORPORATIONS AMENDMENT REGULATIONS 2002 (NO. 6) 2002 NO. 145 - SCHEDULE 1

(regulation 3)

[1] Regulation 7.5.88, heading

substitute

7.5.88 Minister's arrangements for use of excess money from compensation funds

[2] Subregulation 7.5.88 (1)

omit

paid.

insert

used by a market licensee.

[3] Subregulation 7.5.88 (3)

omit

payment

insert

use

[4] Paragraph 7.5.90 (1) (a)

omit

for the approved purpose (if any) for which it was paid,

insert

for a purpose approved under subregulation 7.5.88 (1),

[5] Paragraph 7.5.90 (1) (a)

omit

payment

insert

use

[6] Paragraph 7.5.92 (1) (a)

omit

payment

insert

use of the money

[7] Regulations 9.12.02, 9.12.03 and 9.12.04

omit

[8] Part 10.2, Division 8, heading

substitute

Division 8 National Guarantee Fund

[9] After regulation 10.2.27

insert

10.2.27A Expenditure of excess funds from National Guarantee Fund

(1)

For section 1444 of the Act, this regulation applies to a purpose in relation to a payment to be made out of a development account if:

(a)

the purpose was approved under subsection 945 (3) of the old Corporations Act; and

(b)

the approval was in force immediately before the FSR commencement.

(2)

The purpose is taken to be an approved purpose for subregulation 7.5.88 (1).

(3)

If the purpose approved under subsection 945 (3) of the old Corporations Act included conditions relating to the payment to which the approval related, the conditions are taken to be conditions determined under subregulation 7.5.88 (3).