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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS    View history reference

Division 4 - NGF Compensation regime    View history reference

Subdivision C - The NGF    View history reference

SECTION 889F  MONEY BORROWED AND PAID TO THE SEGC  

 View history reference

889F(1)  [Application]  


This section applies if money borrowed by the SEGC under subsection 889E(1) is paid to the SEGC.

889F(2)  [Payment of borrowed money]  


The SEGC must pay the money into the NGF.

889F(3)  [Amount of money in NGF]  


If:


(a) the money was borrowed for the purpose of meeting a payment due out of the NGF; and


(b) the borrowed money has been paid into the NGF; and


(c) the payment due out of the NGF has not yet been made;

then, for the purposes of section 889J, the amount in the NGF is taken to be reduced by the amount of the borrowed money.


 



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