Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 986

986. (1) A joining exchange shall, as soon as practicable, and in any event
within 2 months, after the joining day in relation to the joining exchange:

   (a)  prepare a statement of the assets and liabilities of its fidelity fund
        as on that day; and

   (b)  appoint a registered company auditor to audit the statement.

(2) Without limiting the generality of subsection (1), a statement prepared
under that subsection shall set out full particulars, so far as known when the
statement is prepared, of all liabilities (including contingent liabilities)
of the joining exchange's fidelity fund in respect of transferred claims.

(3) An auditor appointed to audit a statement prepared under subsection (1) in
relation to a joining exchange's fidelity fund shall, within 1 month after the
statement is prepared:

   (a)  audit the statement; and

   (b)  cause a report on the statement to be given to the Board and a copy of
        the report to be given to the board of the joining exchange.

(4) The Board shall give to the Commission a copy of a report given to the
Board under this section, and a copy of the statement to which the report
relates, within 14 days after the report is given to the Board.