Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 903

903. (1) In this section:

"relevant person", in relation to a securities exchange, means a member of the
securities exchange:

   (a)  who has made 20 or more annual payments of the contribution referred
        to in subsection 902 (2); and

   (b)  in respect of whom a payment from the fund has not been made or, if
        such a payment has been made, has been repaid to the fund.

(2) Where the amount in a fidelity fund of a securities exchange exceeds
$2,000,000 or such lesser amount as is prescribed, a relevant person is,
subject to this section, exempt from making further annual payments of the
contribution referred to in subsection 902 (2).

(3) Where the amount in a fidelity fund of a securities exchange exceeds
$2,000,000 or such lesser amount as is prescribed, the following paragraphs
apply in relation to relevant persons who are natural persons:

   (a)  on the retirement from business of such a relevant person, the board
        may, in its discretion, pay to that person an amount determined in
        accordance with subsection (5);

   (b)  on the death of such a relevant person without any payment having been
        made to that person under paragraph (a), the board may, in its
        discretion, pay an amount determined in accordance with subsection (5)
        to his or her personal representative or to any person who was wholly
        or partly dependent on the relevant person at the time of his or her
        death.

(4) Where the amount in a fidelity fund of a securities exchange exceeds
$2,000,000 or such lesser amount as is prescribed, the board may, in its
discretion, pay to a relevant person, being a body corporate, that ceases to
be a member of the securities exchange an amount determined in accordance with
subsection (5).

(5) The amount that may, under subsection (3) or (4), be paid out of a
fidelity fund to or in respect of a relevant person is the total amount of the
annual payments made by the relevant person of the contribution referred to in
subsection 902 (2) or such proportion of that amount as is for the time being
determined by the board either generally or in relation to the particular
relevant person, either with or without simple interest at a rate not
exceeding 3% per annum.

(6) A determination of the board under subsection (5) shall be in writing and
may be in respect of any person or any class of persons.

(7) The securities exchange may, by written notice published in the Gazette:

   (a)  suspend the operation of paragraph (3) (a) or (b); or

   (b)  revoke any such suspension; but, where the operation of one of those
        paragraphs is for the time being suspended, the securities exchange
        shall not suspend the operation of the other paragraph.

(8) Where the amount in a fidelity fund is, because of payments made out of
the fund, less than $1,000,000 or such lesser amount as is prescribed and the
securities exchange determines that a person who because of subsection (2) is
exempt from making annual payments of the contribution referred to in
subsection 902 (2) should again be required to make annual payments of that
contribution, the person is liable to make payments of that contribution
accordingly.