Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 925

925. (1) Subject to subsection (3), the Minister may nominate in writing as
the Securities Exchanges Guarantee Corporation a body corporate (whether
incorporated before or after the commencement of this Part) that is a company
limited by guarantee.

(2) The Commission shall cause a copy of a nomination by the Minister under
subsection (1) to be published in the Gazette.

(3) The Minister shall not nominate a body corporate under subsection (1)
unless the Minister is satisfied that:

   (a)  the Exchange is a member of the body corporate;

   (b)  none of the members of the body corporate is a person other than an
        eligible exchange;

   (c)  the body corporate's constitution provides that no person, other than
        a person of a kind referred to in paragraph (b), may become or remain
        a member of the body corporate;

   (d)  the body corporate will, if nominated under subsection (1), be able to
        perform and exercise SEGC's functions and powers under the Fund
        provisions adequately and with due regard to the interests of the
        public;

   (e)  the body corporate has obtained, or will within a reasonable period
        after being nominated under subsection (1) obtain, indemnity insurance
        in respect of its liabilities for:

        (i)    negligence in; and

        (ii)   defalcation, or fraudulent misuse of property, by an officer,
               employee or agent of the body corporate in connection with;
the performance or exercise of SEGC's functions or powers under the Fund
provisions, or has made or will make other satisfactory provisions for meeting
those liabilities; and

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

        (i)    for ensuring the safety of property received by the body
               corporate; and

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

(4) The body corporate that, immediately before the commencement of this Part,
was NSEGC shall be deemed to have been nominated by the Minister under
subsection (1) as the Securities Exchanges Guarantee Corporation.