THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.6 - FIDELITY FUNDS

SECTION 1229   MONEY CONSTITUTING FIDELITY FUND  

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1229(1)  (Contents of fidelity fund)  

The fidelity fund of a futures organisation shall consist of:

(a)  in the case of a fidelity fund established before the commencement of this Part - the money, and other property, of which the fund consisted immediately before that commencement;

(b)  in the case of a fidelity fund established after the commencement of this Part - any amount that is paid to the credit of the fund by the futures organisation on the establishment of the fund;

(c)  money paid to the futures organisation, in accordance with this Part or the business rules of the futures organisation, by contributing members of the futures organisation;

(d)  the interests and profits from time to time accruing from the investment of the fidelity fund;

(e)  money paid into the fidelity fund by the futures organisation;

(f)  money recovered by or on behalf of the futures organisation in the exercise of a right of action conferred by this Part;

(g)  money paid by an insurer pursuant to a contract of insurance or indemnity entered into by the futures organisation under section 1249; and

(h)  all other money lawfully paid into the fund.

1229(2)  (Repayment to general funds)  

Where a futures organisation has, under paragraph (1)(b) or a corresponding previous law, paid an amount to the credit of its fidelity fund:

(a)  the Minister may approve in writing, on such conditions (if any) as are specified in the approval, the repayment of the whole, or a specified part, of the amount from the fidelity fund to the general funds of the futures organisation; and

(b)  if the Minister does so, the whole, or the specified part, as the case may be, of the amount may, in accordance with the conditions (if any) so specified, be so repaid.

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