Section 108 of the Principal Act is amended as follows:

(a) by inserting in subsection (2)(a)(ii) "a liquidator appointed in the circumstances referred to in subparagraph (iii) , a person appointed as manager under section 119(2)(b) ," after "by";

(b) by inserting the following subparagraph after subparagraph (ii) in subsection (2)(a) :

(iii) remuneration payable to, and costs incurred by, a liquidator appointed under section 601EE of the Corporations Act 2001 of the Commonwealth, to wind up an unregistered managed investment scheme operated by a firm, a legal practitioner corporation or a manager, on the application of the Australian Securities and Investments Commission or a member of that scheme; and

(c) by omitting from subsection (2)(b) "referred to in section 107 (2) ," and substituting "of $3.5 million or such greater amount as the Minister and the Council agree,";

(d) by inserting the following subsections after subsection (2) :

(2A)  For the purpose of subsection (2)(a)(iii) ,

manager means a person appointed as manager under section 119(2)(b) .

(2B)  If a liquidator has been appointed in the circumstances referred to in subparagraph (iii) of subsection (2)(a) before the commencement of the Legal Profession Amendment Act 2002 , the remuneration and costs referred to in that subparagraph incurred by that liquidator in the winding up of an unregistered managed investment scheme before that commencement must be paid by the Trust under that subparagraph to the liquidator.

(2C)  If the Trust pays an amount in accordance with subsection (2)(a)(iii) , the Trust may make an application to the Supreme Court for an order that that amount or a lesser amount be paid to the Trust by the firm, a member or former member of the firm or the legal practitioner corporation which, at any time, operated the unregistered managed investment scheme to which a liquidator has been appointed under section 601EE of the Corporations Act 2001 of the Commonwealth.