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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Corporations
(Futures Organisations Levies) Bill 2001
No.
, 2001
(Treasury)
A
Bill for an Act to impose levies in respect of futures organisation fidelity
funds, and for related matters
ISBN: 0642
458030
Contents
A Bill for an Act to impose levies in respect of futures
organisation fidelity funds, and for related matters
The Parliament of Australia enacts:
This Act may be cited as the Corporations (Futures Organisations
Levies) Act 2001.
This Act commences at the same time as the Corporations Act
2001.
(1) In this Act:
old Corporations Law, in relation to a State or Territory,
has the same meaning as it has in Part 10.1 of the Corporations Act
2001.
(2) Other expressions used in this Act that are defined in a provision of
the Corporations Act 2001 that applies for the purposes of Part 8.6
of that Act (whether it also applies for other purposes) have the same meanings
in this Act as they are given by that provision.
The following levies in respect of futures organisation fidelity funds
are imposed:
(a) the levy by the name of futures organisation (application for
membership) fidelity fund contribution that is payable under subsection 1234(1)
of the Corporations Act 2001 by a person who wishes to be admitted to
membership of a futures organisation as mentioned in that subsection;
(b) the levy by the name of futures organisation (annual membership)
fidelity fund contribution that is payable under subsection 1234(2) of the
Corporations Act 2001 by a member of a futures organisation referred to
in that subsection;
(c) any levy by the name of futures organisation additional fidelity fund
contribution that is payable under subsection 1235(1) of the Corporations Act
2001 by a contributing member of a futures organisation referred to in that
subsection.
(1) The amount of levy imposed by paragraph 4(a) is such amount, not being
less than $500, as is determined by the futures organisation in relation to the
person, or in relation to a class of persons that includes the person.
(2) The amount of levy imposed by paragraph 4(b) is such amount, not being
less than $100, as is determined by the futures organisation in relation to the
member, or in relation to a class of members that includes the member.
(3) Subject to subsections (4) and (5), the amount of levy imposed by
paragraph 4(c) is such amount as is determined by the futures organisation in
relation to the contributing member, or in relation to a class of contributing
members that includes the contributing member.
(4) Subsection (3) has effect subject to the following
limitations:
(a) if, apart from this section, the making of a determination (the
new determination) of an amount of levy for the purposes of
subsection (3) would take the total of all amounts of levy determined in
relation to a contributing member under that subsection to more than $5,000, the
new determination has effect in relation to the contributing member only to the
extent to which it would take that total to $5,000;
(b) if, apart from this section, the making of a determination (the
new determination) of an amount of levy for the purposes of
subsection (3) would take the total of all amounts of levy determined in
relation to a contributing member under that subsection in a period of 12 months
(which may be a period some of which occurred before the commencement of this
Act) to more than $1,000, the new determination has effect in relation to the
contributing member only to the extent to which it would take that total to
$1,000.
(5) A reference in subsection (4) to an amount of levy determined in
relation to a person under subsection (3) is taken to include a reference
to:
(a) in the case of paragraph (4)(a)—any amount that counted for
the purpose of the $5,000 limit in subsection 1235(3) of the old Corporations
Law of a State or Territory as it applied in relation to the contributing member
and the futures organisation immediately before the commencement of this Act;
and
(b) in the case of paragraph (4)(b)—any amount that counted for
the purpose of the $1,000 limit in subsection 1235(3) of the old Corporations
Law of a State or Territory as it applied in relation to the contributing member
and the futures organisation immediately before the commencement of this Act in
respect of so much of the 12 month period referred to in paragraph (4)(b)
as occurred before that commencement.
(1) If, immediately before the commencement of this Act, an amount was
payable by a person to a futures organisation under subsection 1234(2) of the
old Corporations Law of a State or Territory in this jurisdiction, a liability
to pay a levy of the same amount, in respect of the same matter, to the
Commonwealth is imposed on the person by this subsection on the commencement of
this Act. The levy is payable to the futures organisation as agent for the
Commonwealth.
(2) If, immediately before the commencement of this Act, an amount was
payable by a person to a futures organisation under subsection 1235(1) of the
old Corporations Law of a State or Territory in this jurisdiction, a liability
to pay a levy of the same amount, in respect of the same matter, to the
Commonwealth is imposed on the person by this subsection on the commencement of
this Act. The levy is payable to the futures organisation as agent for the
Commonwealth.
(3) A determination of an amount in force immediately before the
commencement for the purposes of subsection 1234(1), 1234(2) or 1235(1) of the
old Corporations Law of a State or Territory in this jurisdiction continues to
have effect (and may be dealt with) after the commencement of this Act as if it
were:
(a) in the case of a determination for the purposes of subsection
1234(1)—a determination for the purposes of subsection 5(1) of this Act;
or
(b) in the case of a determination for the purposes of subsection
1234(2)—a determination for the purposes of subsection 5(2) of this Act;
or
(c) in the case of a determination for the purposes of subsection
1235(1)—a determination for the purposes of subsection 5(3) of this
Act.