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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 9.2.07
Effect of discharge of security
- (1)
- If a security is discharged, wholly or in part, by ASIC:
- (a)
- a claim
does not lie against the surety in relation to the obligation to which the
security relates to the extent that he or she has been released from that
obligation; and
- (b)
- the surety must return to the liquidator:
- (i)
- the whole; or
- (ii)
- in the case of a partial discharge the proportion that ASIC
directs;
of any money or other property deposited with or held by the surety to cover
the potential liability of the surety under the security.
- (2)
- If ASIC directs that a security be discharged in part:
- (a)
- it may state
that the surety is not released from the obligations relating to those claims
that ASIC specifies; and
- (b)
- the surety remains subject to any claims that are so specified.
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