Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 944

944. (1) Where the amount in the Fund exceeds the minimum amount, the Board
may, in its discretion, determine in writing that a specified amount equal to
the whole or a part of the excess be paid out of the Fund:

   (a)  if the Exchange is the only participating exchange-to the Exchange; or

   (b)  if there are 2 or more participating exchanges;

        (i)    to a specified participating exchange; or

        (ii)   to 2 or more specified participating exchanges in specified
               proportions.

(2) Where there are 2 or more participating exchanges, a determination under
subsection (1) shall be fair and equitable having regard, in relation to each
participating exchange, to:

   (a)  the amounts that have been paid into the Fund and that are
        attributable to, or to members or member organisations of, that
        participating exchange; and

   (b)  the amounts that have been paid out of the Fund and that are so
        attributable.

(3) Where a determination is made in accordance with this section, the amount
specified in the determination shall be paid out of the Fund in accordance
with the determination.

(4) For the purposes of subsection (2), where:

   (a)  money in the fidelity fund of a securities exchange has been paid into
        the Fund under subsection 985 (1); or

   (b)  property of the fidelity fund of a securities exchange (other than
        money in that fidelity fund) has vested in SEGC, and become part of
        the Fund, by virtue of subsection 985 (2); the amount of that money
        shall be taken, or an amount equal to the value of that property shall
        be deemed, as the case may be, to have been paid into the Fund and to
        be attributable to:

   (c)  in the case of an Exchange subsidiary-the Exchange; or

   (d)  otherwise-that securities exchange.

(5) For the purposes of subsection (2), where an amount is paid out of the
Fund in connection with a claim that is, for the purposes of Division 10, a
transferred claim in relation to a securities exchange, the amount shall be
taken to be attributable to:

   (a)  in the case of an Exchange subsidiary-the Exchange; or

   (b)  otherwise-that securities exchange.