THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 9 - General provisions relating to claims

SECTION 977   ARBITRATION OF AMOUNT OF CASH SETTLEMENT OF CERTAIN CLAIMS  

977(1)  [Arbitration where no agreement]  

Where:

(a)  a cash settlement provision requires SEGC to pay an amount in respect of a claim; and

(b)  that amount cannot be determined by agreement between SEGC and the claimant;

that amount shall be determined by arbitration in accordance with this section.

977(1A)  [No agreement between Board and claimant]  

Where:

(a)  in relation to a claim, paragraph 970B(3)(c), (5)(c) or (6)(c) requires the Board to work out the value of securities, or the number of securities that are equal in value to some other value or amount; and

(b)  the value or number cannot be determined by agreement between the Board and the claimant;

the value or number is to be determined by arbitration in accordance with this section.

977(2)  [Law of arbitration]  

The reference to arbitration shall be made to persons appointed, in accordance with subsection (3), for the purposes of the reference and the law of this jurisdiction relating to arbitration applies in relation to the reference.

977(3)  [Appointment of arbitrators]  

The participating exchange shall appoint, or the participating exchanges shall jointly appoint, as the case requires, for the purposes of the reference to arbitration, 3 persons whose appointment under this subsection has been approved in writing by the Minister and at least 2 of whom are neither members of a participating exchange nor officers or employees of SEGC, of a participating exchange, or of a member organisation of a participating exchange.

977(4)  [Arbitration under a previous law]  

Where, under a corresponding previous law of this jurisdiction, an arbitration:

(a)  was to take place but had not begun; or

(b)  had begun but had not been concluded;

before the commencement of this Part, the arbitration shall take place or continue, as the case may be, as if it were an arbitration under this section.

977(5)  [Appointment under previous law]  

An approval given by the Ministerial Council before the commencement of this Part of the appointment of a person for the purposes of an arbitration under a corresponding previous law of this jurisdiction shall be deemed to be an approval given by the Minister of the appointment of that person for the purposes of the arbitration as it is to take place or continue under this section.

977(6)  [Determination under previous law]  

If an arbitration under a corresponding previous law of this jurisdiction had concluded before the commencement of this Part but NSEGC had not made a payment of the amount determined under the arbitration, the amount shall be deemed to have been determined under this section for the purposes of the liability of SEGC to make payment.

977(7)  [``cash settlement provision'']  

In this section:

``cash settlement provision'' means section 952A or 953, subsection 954G(3), 954H(2), 954R(2), 954S(3), 954T(2), 954Z(3) or 954ZA(2), section 960 or 961F or subsection 964(1) or (2) of the Corporations Law of this jurisdiction.