Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1229

1229. (1) The fidelity fund of a futures organisation shall consist of:

   (a)  in the case of a fidelity fund established before the commencement of
        this Part-the money, and other property, of which the fund consisted
        immediately before that commencement;

   (b)  in the case of a fidelity fund established after the commencement of
        this Part-any amount that is paid to the credit of the fund by the
        futures organisation on the establishment of the fund;

   (c)  money paid to the futures organisation, in accordance with this Part
        or the business rules of the futures organisation, by contributing
        members of the futures organisation;

   (d)  the interests and profits from time to time accruing from the
        investment of the fidelity fund;

   (e)  money paid into the fidelity fund by the futures organisation;

   (f)  money recovered by or on behalf of the futures organisation in the
        exercise of a right of action conferred by this Part;

   (g)  money paid by an insurer pursuant to a contract of insurance or
        indemnity entered into by the futures organisation under section 1249;
        and

   (h)  all other money lawfully paid into the fund.

(2) Where a futures organisation has, under paragraph (1) (b) or a
corresponding law, paid an amount to the credit of its fidelity fund:

   (a)  the Minister may approve in writing, on such conditions (if any) as
        are specified in the approval, the repayment of the whole, or a
        specified part, of the amount from the fidelity fund to the general
        funds of the futures organisation; and

   (b)  if the Minister does so, the whole, or the specified part, as the case
        may be, of the amount may, in accordance with the conditions (if any)
        so specified, be so repaid.