CORPORATIONS ACT 2001 No. 50, 2001 - SECT 941 Levy by participating exchange on members or member
CORPORATIONS ACT 2001 No. 50, 2001 - SECT 941
Levy by participating exchange on members or member(1) A participating exchange by which a levy is payable under section 940 may determine that members, or member organisations, of the participating exchange must pay a levy for payment towards the first-mentioned levy. The levy is payable to the participating exchange as agent for the Commonwealth.
- Note: For the imposition and rate of the levy, see the Corporations (National Guarantee Fund Levies) Act 2001 .
(2) If a determination is made under subsection (1), a levy is payable by a member, or member organisation, as the case requires, of the participating exchange who or that, when the determination is made:
- (a)
- carries on a securities business; and
- (b)
- is included in a class, or in any of 2 or more classes, of members, or of member organisations, of the participating exchange determined in writing by the participating exchange for the purposes of the levy.
(3) The amount of a levy payable under a determination by a participating exchange under subsection (1) must be paid within the period, and in the manner, specified in writing by the participating exchange either generally or in relation to:
- (a)
- particular members; or
- (b)
- particular classes of members; or
- (c)
- particular member organisations; or
- (d)
- particular classes of member organisations;
- of the participating exchange.
(4) Whenever an amount of levy (the levy amount ) is paid under this section, or under subsection 6(3) of the Corporations (National Guarantee Fund Levies) Act 2001 , to a participating exchange as agent for the Commonwealth:
- (a)
- the participating exchange must pay an amount equal to the levy amount to the Commonwealth; and
- (b)
- the Consolidated Revenue Fund is appropriated by that amount for the purpose of payment to the participating exchange; and
- (c)
- the Commonwealth must pay the amount so appropriated to the participating exchange; and
- (d)
- the participating exchange must pay an amount equal to the amount it receives under paragraph (c) in payment of the levy payable by it under section 940.
(5) A payment of an amount to a participating exchange as required by paragraph (4)(c) in respect of a particular levy amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or a part of the levy amount, the participating exchange must pay to the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund. (6) The Financial Management and Accountability Act 1997 does not apply in relation to the payment of an amount of levy under this section to a participating exchange as agent for the Commonwealth. However, the operation of that Act in relation to the following payments is not affected.
- The participating exchange must, in accordance with the regulations, notify
the Commonwealth of payments of levy it receives as agent for the
Commonwealth.
(7) An amount payable by a participating exchange as required by paragraph (5)(a) may be set off against an amount payable to the participating exchange as required by paragraph (5)(c).