Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW
- SECT 941

(1)

A participating exchange by which a levy is payable under section 940 may determine that members, or member organisations, of the participating exchange must pay a levy for payment towards the first-mentioned levy.

(2)

Where a determination is made under subsection (1), a levy is payable by a member, or member organisation, as the case requires, of the participating exchange who or that, when the determination is made:

(a)

carries on in this jurisdiction a securities business; and

(b)

is included in a class, or in any of 2 or more classes, of members, or of member organisations, of the participating exchange determined in writing by the participating exchange for the purposes of the levy.

(3)

A levy payable under this section is payable at a rate or rates determined in writing by the participating exchange for the purposes of the levy.

(4)

A participating exchange may determine under subsection (2) different rates of levy in respect of different classes of its members or member organisations.

(5)

The amount of a levy imposed by a participating exchange under this section must be paid to the participating exchange within the period and in the manner specified in writing by the participating exchange either generally or in relation to:

(a)

particular members; or

(b)

particular classes of members; or

(c)

particular member organisations; or

(d)

particular classes of member organisations;

of the participating exchange.

(6)

Despite subsections (1), (2), (3) and (5), where:

(a)

a participating exchange makes a determination that members, or member organisations, of the exchange must pay a levy for payment towards a levy payable under section 940; and

(b)

because of the determination, an amount of levy is payable under subsection 941(2) of the Corporations Law of another jurisdiction by a member, or member organisation, of the exchange; and

(c)

the amount of levy is paid;

the member or member organisation need not pay an amount of levy under subsection (2) of this section because of such a determination made by the exchange in relation to the levy payable under section 940.

(7)

A participating exchange must pay an amount equal to an amount paid to it by way of levy under this section in payment of the levy imposed under section 940 .

(8)

Subsection 8(1) does not apply in relation to a reference in this section to this section or to a provision of it.

(9)

This section has effect subject to section 942.