Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 985

985. (1) The money that at the end of the joining day in relation to a
joining exchange was in the joining exchange's fidelity fund shall, as soon as
practicable after that day, be paid out of that fidelity fund and into the
Fund.

(2) At the beginning of the next day after the joining day in relation to a
joining exchange:

   (a)  the investments and other property of the joining exchange's fidelity
        fund that at the end of the joining day were vested in the
        joining exchange vest in SEGC and become part of the Fund;

   (b)  the rights that at the end of the joining day the joining exchange
        had, whether under a previous law or otherwise, in connection with the
        administration of the joining exchange's fidelity fund vest in SEGC;
        and

   (c)  SEGC becomes liable to pay and discharge the debts, liabilities and
        obligations of the joining exchange that arose, whether under a
        previous law or otherwise, in connection with the administration of
        the joining exchange's fidelity fund and that existed at the end of
        the joining day.

(3) A reference in subsection (2) to rights or to debts, liabilities and
obligations does not include a reference to rights, or to debts, liabilities
and obligations, as the case may be, arising under a contract of employment or
under a contract for services.

(4) Investments that at the end of the joining day in relation to a joining
exchange were held, by a person other than the joining exchange, for the
purposes of the joining exchange's fidelity fund are held after that day for
the purposes of the Fund.

(5) After the joining day in relation to a joining exchange, an agreement
(other than a contract of employment or a contract for services) that was
entered into:

   (a)  by or on behalf of the joining exchange as a party; and

   (b)  in connection with the administration of the joining exchange's
        fidelity fund; and was in force at the end of that day applies, with
        such modifications as the circumstances require, as if:

   (c)  SEGC were substituted for the joining exchange as a party to the
        agreement; and

   (d)  a reference in the agreement to the joining exchange were, except in
        relation to a time on or before that day, a reference to SEGC.

(6) Without limiting the generality of another provision of this section,
where, as at the end of the joining day in relation to a joining exchange, an
amount advanced under subsection 905 (1) by the joining exchange to its
fidelity fund has not been repaid, an amount equal to the first-mentioned
amount is, after that day, payable, on demand, by SEGC to the joining
exchange.

(7) Where, at the end of the joining day in relation to a joining exchange,
proceedings:

   (a)  to which the joining exchange was a party; and

   (b)  that arose out of, or were otherwise connected with, the
        administration of the joining exchange's fidelity fund; were pending
        in a court or tribunal, SEGC is, at the beginning of the next day
        after the joining day, substituted for the joining exchange as a party
        to the proceedings and has the same rights in the proceedings as the
        party for which it was substituted.

(8) An amount that, as a result of the operation of this section, is or
becomes payable by SEGC is payable out of the Fund.

(9) This section applies subject to section 987.