THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.6 - FIDELITY FUNDS

SECTION 1228   ESTABLISHMENT OF FIDELITY FUNDS  

1228(1)  (Futures organisation to keep fidelity fund)  

A futures organisation shall keep a fidelity fund, and the board of the futures organisation shall administer the fidelity fund.

1228(2)  (Assets of fidelity fund)  

The assets of a fidelity fund of a futures organisation are the property of the futures organisation, but shall be kept separately from all other property of the futures organisation and shall be held in trust for the purposes set out in this Part.

1228(3)  (Transition)  

A futures organisation that, immediately before the commencement of this section, kept a fidelity fund under a previous law corresponding to this Part shall, after that commencement, keep that fidelity fund in accordance with, and for the purposes of, this Part.