Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 945

945. (1) Subject to this section, a participating exchange shall keep money
paid to it under section 944 in a separate account designated as a securities
industry development account.

(2) A participating exchange shall not make a payment out of a development
account unless the payment is made:

   (a)  for a purpose in relation to which an approval is in force under
        subsection (3) in relation to the payment; or

   (b)  into the Fund.

(3) The Minister may approve in writing, in relation to payments to be made
out of development accounts, purposes that are permitted purposes when the
approval is given.

(4) An approval under subsection (3) may include conditions relating to the
payments to which the approval relates.

(5) A participating exchange that makes, in contravention of subsection (2), a
payment out of a development account shall pay into the account, from its
general funds, an amount equal to the amount of the first-mentioned payment.

(6) A participating exchange that:

   (a)  makes as permitted by virtue of paragraph (2) (a) a payment out of a
        development account; and

   (b)  contravenes a condition that, when the payment was made, was included
        in an approval in force under subsection (3) in relation to the
        payment; shall pay into the account, from its general funds, an amount
        equal to the amount of the first-mentioned payment.

(7) In this section:

"permitted purpose" means:

   (a)  a purpose relating to the development of the securities industry in
        Australia or in a part of Australia;

   (b)  a prescribed purpose; or

   (c)  without limiting the generality of paragraph (a) or (b), a purpose of
        reimbursing a person in respect of money that the person spent, before
        the relevant commencement, for a purpose of a kind referred to in
        paragraph (a) or (b);

"securities industry" means the industry associated with:

   (a)  dealings in eligible securities;

   (b)  dealings in securities by, or on behalf of, corporations; or

   (c)  dealings in securities in eligible circumstances.