THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 6 - Contract guarantees

SECTION 954   MAKING OF CLAIMS  

954(1)  [Claimant must be member]  

Neither subsection 949(1) nor 950(1) entitles a person to make a claim in respect of:

(a)  a sale of securities by the person to another person; or

(b)  a purchase of securities by the person from another person;

as the case may be, unless, on the day on which the agreement for the sale or purchase was entered into:

(c)  the first-mentioned person was a member organisation of a participating exchange and carried on in this jurisdiction a securities business; and

(d)  the other person was a member organisation of a participating exchange.

 View history note

954(2)  [Claimant must have acted through member]  

Neither subsection 951(1) nor 952(1) entitles a person to make a claim in respect of:

(a)  a sale of securities by another person on behalf of the first-mentioned person; or

(b)  a purchase of securities by another person on behalf of the first-mentioned person;

as the case may be, unless, on the day on which the agreement for the sale or purchase was entered into, the other person was a member organisation of a participating exchange and carried on in this jurisdiction a securities business.

 View history note

954(2A)  [SEGC not to allow double recovery]  

Where:

(a)  subsection 949(1), 950(1), 951(1) or 952(1) or the Corporations Law of another jurisdiction entitles a person to make a claim in respect of a transaction; and

(b)  SEGC allows the claim;

SEGC must not allow a claim that the corresponding subsection of the Corporations Law of this jurisdiction entitles a person to make in respect of the transaction.

 View history note

954(3)  [``person'']  

In subsections (1), (2) and (2A):

``person'' includes a partnership.
 View history note

954(4)  [Claim procedure]  

A claim shall be in writing and shall be served on SEGC within 6 months after the day on which the claimant became entitled to make the claim.

954(5)  [Time limit]  

A claim that is not made within the period prescribed by subsection (4) is barred unless the Board otherwise determines.

 

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