Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 72

Futures contract

 
 
(1)
A futures contract is: 
 
 
 
(a)
a Chapter 8 agreement that is, or
has at any time been, an eligible commodity agreement or adjustment
agreement;

(b)
a futures option; or

(c)
an eligible exchange-traded option; 

 
other than:
 
 
(d)
a
Chapter 8 agreement: 

 
 
(i)
that
is: 

 
 (A) a currency swap;

                (B)  an interest rate swap;

                (C)  a forward exchange rate contract; or

                (D)  a forward interest rate contract; and
 
 
(ii)
to which an
                     Australian bank, or a merchant bank as defined by
                     subsection (4), is a party; or 

 
 
(e)
a Chapter 8
agreement that, when entered into, is in a class of agreements prescribed for
the purposes of this paragraph. 

 
 Note: Regulations under
subsection 72A(2) may provide that specified provisions of this Law and the
regulations apply in relation to Chapter 8 agreements to which section 72A
applies as if the agreements were futures contracts. 


 
 
(2)
Where a Chapter 8 agreement that was not a
futures contract when it was entered into becomes a futures contract at a
later time: 
 
 
 
(a)
the
parties to the Chapter 8 agreement shall be deemed to enter into a futures
contract at the later time; and

(b)
the Chapter 8 agreement shall be deemed to constitute the futures
contract referred to in paragraph (a). 

 
 
(3)
Nothing in this Law limits the manner in
which a class of futures contracts may be determined and such a class may be
determined according to any criteria relevant to futures contracts.


(4)
For the purposes of subparagraph (1)(d)(ii), a body corporate is
a merchant bank at a particular time if, and only if, it is at that time a
registered corporation in: 
 
 

(a)
the category for authorised money market dealers or, if there is
at that time no such category, a prescribed category; or

(b)
the category for money market corporations or, if there is at
that time no such category, a prescribed category. 

 
 
(5)
An expression has the same meaning in
subsection (4) as in the Financial Corporations Act 1974.