National Guarantee Fund (Participating Exchanges) Levy Act 1989

No. 115 of 1989

An Act to impose a levy on certain securities exchanges

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the National Guarantee Fund (Participating Exchanges) Levy Act 1989.

Commencement

2. This Act commences on the same day as Part 7.10 of the Corporations Act 1989.

Incorporation

3. The Corporations Act 1989 is incorporated, and shall be read as one, with this Act, and shall be so read as if the provisions of this Act were provisions of Division 4 of Part 7.10 of that Act.

Imposition of levy

4. Any levy that is payable under section 940 of the Corporations Act 1989 is imposed by this Act.

Rate of levy

5. A levy in respect of a participating exchange shall be of such amount (not exceeding the prescribed amount) as is determined in writing by SEGC in relation to that exchange.

Regulations

6. (1) The Governor-General may make regulations prescribing a maximum amount or maximum amounts for the purposes of section 5.

(2) The regulations may prescribe different maximum amounts in relation to different participating exchanges.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]