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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 250
Concerted interjurisdictional defaults
(1) The fidelity authority may treat a concerted interjurisdictional default
as if the default consisted of 2 or more separate defaults-- (a) one of which
is a default to which this Part applies, where this jurisdiction is the
relevant jurisdiction for one or more of the associates involved; and
(b) the
other or others of which are defaults to which this Part does not apply, where
another jurisdiction or jurisdictions are the relevant jurisdictions for one
or more of the associates involved.
(2) The fidelity authority may treat a
claim about a concerted interjurisdictional default as if the claim consisted
of-- (a) one or more claims made under this Part; and
(b) one or more claims
made under a corresponding law or laws.
(3) A claim about a
concerted interjurisdictional default is to be assessed on the basis that the
fidelity funds of the relevant jurisdictions involved are to contribute-- (a)
in equal shares in respect of the default, regardless of the number of
associates involved in each of those jurisdictions, and disregarding
sections 230 and 231 and the provisions of the corresponding laws of other
jurisdictions that correspond to those sections; or
(b) in other shares as
agreed by the fidelity authorities involved.
(4) Subsection (3) does not
affect the application of sections 230 and 231 in respect of the amount
payable from the fidelity fund after the claim has been assessed.
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