Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1135

1135. (1) Where a body corporate, being a futures exchange or futures
association:

   (a)  decides, at a time when a person is a member of no futures
        organisation, to refuse an application by the person for membership of
        the body corporate; or

   (b)  decides, at a time when a person is a member of no other futures
        organisation, to suspend or cancel the person's membership of the body
        corporate; the body corporate shall, within 14 days after so deciding,
        give to the person, and to the Commission, a notice in writing setting
        out the decision and the reasons for the decision, and the person may,
        within the period of 21 days beginning when the notice is so given or
        within that period as extended by the Court, appeal to the Court
        against the decision by filing a written notice of appeal.

(2) A person whose membership of a futures organisation is suspended for a
period:

   (a)  shall be deemed, for the purposes of paragraph (1) (a), to be a member
        of that futures organisation throughout that period; and

   (b)  shall be deemed, for the purposes of paragraph (1) (b), not to be a
        member of that futures organisation at any time during that period.

(3) A person shall, on the day on which the person files a notice of appeal
with the Court under subsection (1), lodge a copy of the notice.

(4) Where a body corporate decides as mentioned in paragraph (1) (b), then:

   (a)  subject to paragraph (c) of this subsection and to subsection (6), the
        decision takes effect at the end of the day on which a notice relating
        to the decision is given by the body corporate in accordance with
        subsection (1);

   (b)  if the person to whom the decision relates appeals to the Court under
        subsection (1) against the decision-the Court may, at any time before
        it determines the appeal, make such order as it thinks fit concerning
        the effect, pending determination of the appeal, of the decision,
        including, without limiting the generality of the foregoing, an order
        that is subject to conditions specified in the order; and

   (c)  an order made by the Court under paragraph (b) has effect accordingly.

(5) The Court may, after hearing an appeal under subsection (1), dismiss the
appeal or:

   (a)  in the case of an appeal against a decision to refuse an application
        for membership-decide that the application should be granted, or
        should be granted subject to specified conditions;

   (b)  in the case of an appeal against a decision to suspend for a period a
        person's membership-decide that the person's membership:

        (i)    should not be suspended; or

        (ii)   should be suspended for a specified lesser period; or

   (c)  in the case of an appeal against a decision to cancel a person's
        membership-decide that the person's membership:

        (i)    should not be cancelled; or

        (ii)   should not be cancelled, but should be suspended for a
               specified period.

(6) Where, on an appeal against a decision of a body corporate, the Court
decides as mentioned in paragraph (5) (a), (b) or (c), then, as from the day
on which the appeal is decided:

   (a)  the first-mentioned decision ceases to have effect; and

   (b)  the decision of the Court has effect, except for the purposes of
        subsection (1), as a decision of the body corporate and shall take
        effect accordingly.