Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 769

769. (1) A body corporate that proposes to establish or conduct a stock market
may apply to the Commission in writing for approval by the Minister as a stock
exchange.

(2) The Minister may by writing approve the body as a stock exchange if, and
only if, he or she is satisfied that:

   (a)  the body is an eligible corporation;

   (b)  the body's business rules make satisfactory provision:

        (i)    for the standards of training and experience, and other
               qualifications, for membership;

        (ii)   for the exclusion from membership of:

                (A)  any person who is not of good character and high business
                     integrity; and

                (B)  any body corporate where a director of the body
                     corporate, a person concerned in the management of the
                     body corporate or a person who has control, or
                     substantial control, of the body corporate is not of good
                     character and high integrity;

        (iii)  for the expulsion, suspension or disciplining of a member for
               conduct inconsistent with just and equitable principles in the
               transaction of business or for a contravention of the body's
               business rules, of this Chapter or of the conditions of a
               licence held by the member;

        (iv)   for the monitoring of compliance with, and for enforcement of,
               the body's business rules;

        (v)    with respect to the conditions under which securities may be
               listed for trading on the stock market of the proposed stock
               exchange;

        (vi)   with respect to the conditions governing dealings in securities
               by members;

        (vii)  with respect to the class or classes of securities that may be
               dealt with by members; and

        (viii) generally for the carrying on of the business of the proposed
               stock exchange with due regard to the interests of the public;

   (c)  the body has made or adopted listing rules and, where the listing
        rules are adopted, has made provision to the effect that an amendment
        to the rules so adopted made by another person is of no effect until
        the body adopts the amendment;

   (d)  the listing rules made or adopted by the body make satisfactory
        provision:

        (i)    with respect to conditions under which securities may be traded
               on the stock market of the proposed stock exchange; and

        (ii)   generally for the protection of the interests of the public;

   (e)  either the body will be a participating exchange or there will be
        enough money in the body's fidelity fund to make the payments out of
        the fund that may reasonably be expected to be necessary for the
        purposes of Part 7.9; and

   (f)  the interests of the public will be served by the granting of its
        approval.

(3) An approval by the Ministerial Council, under a law corresponding to
subsection (2), of a body corporate as a stock exchange that was in force
immediately before the commencement of this Part has effect as if it were an
approval by the Minister under that subsection.