THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 7 - Unauthorised transfer

SECTION 959   HOW AND WHEN CLAIM MAY BE MADE  

959(1)  [Claim procedure]  

A claim must:

(a)  be in writing; and

(b)  be served on SEGC:

(i) if a notice under subsection (4) applies to the claim - before the end of the last application day specified in the notice; or

(ii) in any other case - within 6 months after the day on which the claimant first became aware that the claimant had suffered loss as a result of the unauthorised execution.

959(2)  [Unauthorised execution by dealer]  

For the purposes of subsection (1), a notice under subsection (4) applies to a claim if the claim is in respect of an unauthorised execution, by the dealer named in the notice, during the applicable period specified in the notice.

959(3)  [Time limit]  

A claim that is not served on SEGC by the time required by paragraph (1)(b) is barred unless the Board otherwise determines.

959(4)  [SEGC may publish notice]  

SEGC may publish, in each State and Territory in a daily newspaper circulating in that State or Territory, a notice that:

(a)  is in the prescribed form; and

(b)  names a particular dealer; and

(c)  requires that all claims in respect of unauthorised executions, by the named dealer, during a period (in this section called the ``applicable period'' ) specified in the notice in accordance with subsection (5) must be served on SEGC before the day (in this section called the ``last application day'' ) specified in the notice in accordance with subsection (6).

959(5)  [Applicable period]  

The applicable period must be a period that starts and ends before:

(a)  if each publication of the notice occurs on the same day - the day on which the notice is published; or

(b)  in any other case - the first day on which the notice is published.

959(6)  [Last application day]  

The last application day must be at least 3 months after:

(a)  if each publication of the notice occurs on the same day - the day on which the notice is published; or

(b)  in any other case - the last day on which the notice is published.

959(7)  [Privilege in respect of publication]  

SEGC, a member of the Board and any employee of, or person acting on behalf of, SEGC each have qualified privilege in respect of the publication of a notice under subsection (4).