CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision C - The NGF  

SECTION 889F   MONEY BORROWED AND PAID TO THE SEGC  

889F(1)   [ Application]  

This section applies if money borrowed by the SEGC under subsection 889E(1) is paid to the SEGC.

889F(2)   [ Payment of borrowed money]  

The SEGC must pay the money into the NGF.

889F(3)   [ Amount of money in NGF]  

If:


(a) the money was borrowed for the purpose of meeting a payment due out of the NGF; and


(b) the borrowed money has been paid into the NGF; and


(c) the payment due out of the NGF has not yet been made;

then, for the purposes of section 889J , the amount in the NGF is taken to be reduced by the amount of the borrowed money.


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