Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1240

1240. (1) Subject to this Part, a person who suffers pecuniary loss as
mentioned in subsection 1239 (1) is entitled to claim compensation from the
fidelity fund of a futures organisation whose fidelity fund is, pursuant to
that subsection, required to be applied to compensate the person, and to take
proceedings in the Court as provided in this Part against the futures
organisation to establish that claim.

(2) A person does not have a claim against a fidelity fund of a futures
organisation in respect of:

   (a)  pecuniary loss suffered before 1 July 1986; or

   (b)  pecuniary loss in respect of money or other property suffered after
        the money or property had, in due course of the administration of a
        trust, ceased to be under the sole control of a member organisation of
        the futures organisation.

(3) Subject to this Part, the amount that a claimant is entitled to claim as
compensation from a fidelity fund of a futures organisation is the amount of
the actual pecuniary loss suffered by the claimant (including the reasonable
costs of, and disbursements incidental to, the making and proof of the claim)
less the total amount or value of all amounts or other benefits received or
receivable by the claimant from a source other than the fund in reduction of
the loss.

(4) In addition to any compensation that is payable under this Part, interest
is payable out of the fidelity fund on the amount of the compensation, less
any amount attributable to costs and disbursements, at the prescribed rate
calculated from and including the day on which the pecuniary loss was suffered
until the day on which the claim is satisfied.

(5) A claim duly made before the commencement of this Part against the
fidelity fund of a futures organisation under a law corresponding to this
section shall be deemed to have been duly made against that fidelity fund
under this section.