Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 2 - Compensation payments under the scheme  

SECTION 1069A  

1069A   CSLR OPERATOR ' S RIGHT OF SUBROGATION IF COMPENSATION IS PAID  

If:

(a)    the CSLR operator pays an amount of compensation:

(i) to a person under section 1063 ; and

(ii) for a relevant AFCA determination that required payment of an amount by another person (the AFCA member ) who is, or was, a member of the AFCA scheme; and

(b)    the AFCA member is (or has become) a Chapter 5 body corporate;

the CSLR operator is subrogated, to the extent of that amount of compensation, to any rights and remedies that the person may have, in relation to the relevant AFCA determination, that are recognised by an officer of the Chapter 5 body corporate.