Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 964

964. (1) Where:

   (a)  SEGC allows a claim that, because of a dealer having become insolvent,
        this Division entitles a person to make in respect of property that
        is, or includes, a number of securities of a particular kind or
        documents of title to a number of securities of a particular kind;

   (b)  it is not reasonably practicable for SEGC to obtain those securities,
        or those documents of title to securities, as the case may be, from
        the dealer or, if the dealer has disposed of them, from the dealer's
        successor in title, before the end of:

        (i)    if the business rules of a participating exchange of which the
               dealer is a member, being those business rules as in force when
               the Board allows the claim, prescribe a period, for the
               purposes of this section, in relation to a class of claims that
               includes the claim-that period; or

        (ii)   otherwise-such period as the Board, having regard to all the
               circumstances relating to the claim, considers reasonable; and

   (c)  because:

        (i)    whether by reason that dealing in securities of that kind is
               suspended or for any other reason, there exists at no time
               during that period an orderly market in such securities; or

        (ii)   the total number of securities of that kind offered for sale on
               stock markets of participating exchanges or Exchange
               subsidiaries at times during that period when there exists an
               orderly market in such securities is insufficient;
it is not reasonably practicable for SEGC to obtain that number of securities
of that kind, or documents of title to that number of securities of that kind,
as the case may be, before the end of that period; the Board may decide to pay
to the claimant the amount that, when the decision is made, is the actual
pecuniary loss suffered by the claimant in respect of the first-mentioned
securities, or the first-mentioned documents of title, as the case may be, and
if the Board does so, SEGC shall pay that amount to the claimant.

(2) Where:

   (a)  the Board allows a claim that, because of a dealer having become
        insolvent, this Division entitles a person to make in respect of
        property that
is, or includes, property (in this subsection called the "relevant property")
other than money, securities or documents of title to securities; and

   (b)  it is not reasonably practicable for SEGC to obtain the relevant
        property from the dealer or, if the dealer has disposed of it, from
        the dealer's successor in title, before the end of such period as the
        Board considers reasonable; the Board may decide to pay to the
        claimant the amount that, when the decision is made, is the actual
        pecuniary loss suffered by the claimant in respect of the relevant
        property, and if the Board does so, SEGC shall pay that amount to the
        claimant.