Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
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Hide history noteSubject to subsection (3) , the Minister may nominate in writing as the Securities Exchanges Guarantee Corporation (the SEGC ) a body corporate (whenever incorporated) that is, for the purposes of the national corporate laws, a company limited by guarantee.
890A(2)
ASIC must cause a copy of a nomination by the Minister under subsection (1) to be published in the Gazette .
890A(3)
The Minister may only nominate a body corporate under subsection (1) if he or she is satisfied that: (a) the Australian Stock Exchange Limited is a member of the body corporate; and (b) each of the other members of the body corporate is a market licensee; and (c) the body corporate's constitution provides that only market licensees may become or remain members of the body corporate; and (d) the body corporate will, if nominated under subsection (1) , be able to perform and exercise the SEGC's functions and powers under this Division adequately and with due regard to the interests of the public; and (e) the body corporate has obtained, or will within a reasonable period after being nominated under subsection (1) obtain, indemnity insurance in respect of its liabilities for:
(i) negligence in; and
the performance or exercise of the SEGC's functions or powers under this Division, or has made or will make other satisfactory provisions for meeting those liabilities; and (f) the body corporate's business rules make satisfactory provision:
(ii) defalcation, or fraudulent misuse of property, by an officer, employee or agent of the body corporate in connection with;
(i) for ensuring the safety of property received by the body corporate; and
(ii) generally for the protection of the interests of the public.
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