THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.2 - FUTURES EXCHANGES, CLEARING HOUSES AND FUTURES ASSOCIATIONS

Division 4 - General

SECTION 1135   APPEAL TO THE COURT AGAINST CERTAIN DECISIONS OF FUTURES EXCHANGES AND FUTURES ASSOCIATIONS  

1135(1)  [Right of appeal]  

Where a body corporate, being a futures exchange or futures association:

(a)  decides, at a time when a person is a member of no futures organisation, to refuse an application by the person for membership of the body corporate; or

(b)  decides, at a time when a person is a member of no other futures organisation, to suspend or cancel the person's membership of the body corporate;

the body corporate shall, within 14 days after so deciding, give to the person, and to the Commission, a notice in writing setting out the decision and the reasons for the decision, and the person may, within the period of 21 days beginning when the notice is so given or within that period as extended by the Court, appeal to the Court against the decision by filing a written notice of appeal.

1135(2)  [Suspension of membership]  

A person whose membership of a futures organisation is suspended for a period:

(a)  shall be deemed, for the purposes of paragraph (1)(a), to be a member of that futures organisation throughout that period; and

(b)  shall be deemed, for the purposes of paragraph (1)(b), not to be a member of that futures organisation at any time during that period.

1135(3)  [Notice of appeal to be lodged]  

A person shall, on the day on which the person files a notice of appeal with the Court under subsection (1), lodge a copy of the notice.

1135(4)  [Effect of decision]  

Where a body corporate decides as mentioned in paragraph (1)(b), then:

(a)  subject to paragraph (c) of this subsection and to subsection (6), the decision takes effect at the end of the day on which a notice relating to the decision is given by the body corporate in accordance with subsection (1);

(b)  if the person to whom the decision relates appeals to the Court under subsection (1) against the decision - the Court may, at any time before it determines the appeal, make such order as it thinks fit concerning the effect, pending determination of the appeal, of the decision, including, without limiting the generality of the foregoing, an order that is subject to conditions specified in the order; and

(c)  an order made by the Court under paragraph (b) has effect accordingly.

1135(5)  [Court's powers on appeal]  

The Court may, after hearing an appeal under subsection (1), dismiss the appeal or:

(a)  in the case of an appeal against a decision to refuse an application for membership - decide that the application should be granted, or should be granted subject to specified conditions;

(b)  in the case of an appeal against a decision to suspend for a period a person's membership - decide that the person's membership:

(i) should not be suspended; or

(ii) should be suspended for a specified lesser period; or

(c)  in the case of an appeal against a decision to cancel a person's membership - decide that the person's membership:

(i) should not be cancelled; or

(ii) should not be cancelled, but should be suspended for a specified period.

1135(6)  [Effect of Court's decision]  

Where, on an appeal against a decision of a body corporate, the Court decides as mentioned in paragraph (5)(a), (b) or (c), then, as from the day on which the appeal is decided:

(a)  the first-mentioned decision ceases to have effect; and

(b)  the decision of the Court has effect, except for the purposes of subsection (1), as a decision of the body corporate and shall take effect accordingly.