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 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision C - The NGF  

SECTION 889H  

889H   PAYMENTS OUT OF THE NGF  

Subject to regulations made for the purposes of this section, the following are to be paid out of the NGF, in such order as the SEGC considers appropriate:

(a) amounts, including costs, disbursements and interest, that any provision of this Part requires to be paid in connection with claims;

(b) all legal and other expenses incurred:

(i) in investigating or defending claims; or

(ii) in relation to the NGF; or

(iii) in the exercise by the SEGC of the rights and powers vested in it by any provision of this Part in relation to the NGF;

(c) money payable out of the NGF under regulations referred to in subsection 892G(2) ;

(d) amounts to be paid to acquire financial products as mentioned in section 888K ;

(e) premiums payable in respect of contracts of insurance or indemnity entered into by the SEGC under section 888J ;

(f) payments of principal, interest and other amounts payable by the SEGC in respect of money borrowed, and security given, under section 889E ;

(g) the expenses incurred in the administration of the NGF, including the salaries and wages of persons employed by the SEGC in relation to the NGF;

(h) amounts to be paid to a body corporate in accordance with a direction of the Minister under section 891A ;

(i) any other money payable out of the NGF in accordance with a provision of this Part.