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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 977

Arbitration of amount of cash settlement of certain claims

(1) Where:

(a)
a cash settlement provision requires SEGC to pay an amount in respect of a claim; and

(b)
that amount cannot be determined by agreement between SEGC and the claimant;

that amount must be determined by arbitration in accordance with this section.

(1A) Where:

(a)
in relation to a claim, paragraph 970B(3)(c), (5)(c) or (6)(c) requires the Board to work out the value of securities, or the number of securities that are equal in value to some other value or amount; and

(b)
the value or number cannot be determined by agreement between the Board and the claimant;

the value or number is to be determined by arbitration in accordance with this section.

(2) The reference to arbitration must be made to persons appointed, in accordance with subsection (3), for the purposes of the reference and the agreed arbitration law applies in relation to the reference. (2A) Parties to the arbitration may agree on the State or Territory whose law is to govern the arbitration. The agreed arbitration law is the law of that State or Territory relating to commercial arbitration. (3) The participating exchange must appoint, or the participating exchanges must jointly appoint, as the case requires, for the purposes of the reference to arbitration, 3 persons whose appointment under this subsection has been approved in writing by the Minister and at least 2 of whom are neither members of a participating exchange nor officers or employees of SEGC, of a participating exchange, or of a member organisation of a participating exchange. (7) In this section:

"cash settlement provision" means section 952A or 953, subsection 954G(3), 954H(2), 954R(2), 954S(3), 954T(2), 954Z(3) or 954ZA(2), section 960 or 961F or subsection 964(1) or (2).


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