(1) Subject to this Part, there must be paid out of the Fund, in such order as
the Board considers appropriate:
- (a)
- amounts, including costs, disbursements
and interest, that the Fund provisions require to be paid in connection with
claims; and
- (b)
- all legal and other expenses incurred in investigating or defending claims
or incurred in relation to the Fund or in the exercise by SEGC or the Board of
the rights and powers vested in it by the Fund provisions in relation to the
Fund; and
- (ba)
- money payable to a person or partnership under section 972A; and
- (c)
- money payable to a participating exchange under section 944; and
- (da)
- to the extent that the money referred to in section 935 is
insufficient for the purpose, payments of principal, interest and other
amounts payable by SEGC in respect of money borrowed, and security given,
under section 930A; and
- (d)
- to the extent that the money referred to in section 935 is
insufficient for the purpose, premiums payable in respect of contracts of
insurance or indemnity entered into by SEGC under section 982; and
- (e)
- to the extent that the money referred to in section 935 is
insufficient for the purpose, the expenses incurred in the administration of
the Fund, including the salaries and wages of persons employed by SEGC or the
Board in relation to the Fund; and
- (f)
- any other money payable out of the Fund in accordance with this Chapter.
(2) In paragraphs (1)(a) and (b), claim means a claim under
Division 6, 6A, 6B, 6C, 7, 7A or 8 or a claim that, for the purposes of
Division 10, is a transferred claim in relation to a joining exchange.
(3) Where:
- (a)
- an amount is payable out of the Fund in connection with a
claim by a person against SEGC under Division 6, 6A, 6B, 6C, 7 or 7A that
has been allowed; and
- (b)
- an amount is payable out of the Fund in connection with a claim by a
person against SEGC under Division 8 that has been allowed;
then, regardless of the order in which those persons became respectively
entitled to make those claims, the amount referred to in paragraph (a)
must be paid out of the Fund in priority to the amount referred to in
paragraph (b).